Exercise 11-2 Journalizing partnership entries L02, 3 CHECK FIGURES: 1. Share of profit: Regal: $135,250; Merle: $41,750 On April 1, 2020, Harry Regal and Meghan Merle formed a partnership in Alberta, renting reusable moving boxes Regal Merle Contribution 97,000 cash 137.000 land 50,000 building Profit sharing 107.000 salary allowance 15% of original capital investments 15% of original capital investments Balance shared equally Cash withdrawal during your 77,000 62.000 Net Income during the year was $177,000 and was in the Income Summary account Required 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the December 31 closing of the Income Summary and withdrawals accounts 2. Determine the balances of the partners' capital accounts as of the end of 2020 Tyrie 11-4 oumalizing partnership entries L02, 3 Exercise 11-2 Journalizing partnership entries L02, 3 CHECK FIGURES: 1. Share of profit: Regal: $135,250; Merle: $41,750 On April 1, 2020, Harry Regal and Meghan Merle formed a partnership in Alberta, renting reusable moving boxes Regal Merle Contribution 97,000 cash 137.000 land 50,000 building Profit sharing 107.000 salary allowance 15% of original capital investments 15% of original capital investments Balance shared equally Cash withdrawal during your 77,000 62.000 Net Income during the year was $177,000 and was in the Income Summary account Required 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the December 31 closing of the Income Summary and withdrawals accounts 2. Determine the balances of the partners' capital accounts as of the end of 2020 Tyrie 11-4 oumalizing partnership entries L02, 3