Question: Chris and Carl have been partners for more than five years in their catering business, where Chris put in 40 percent of the equity and

Chris and Carl have been partners for more than five years in their catering business, where Chris put in 40 percent of the equity and Carl put in the other 60 percent. With the growth of the business, Chris and Carl decide to part ways and each open up a new catering company. If the total amount in the Income Summary is $80,000, prepare the entries needed for Chris and Carl to close the Income Summary amount and also their capital accounts.

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