hapter 12 Assignment i On March 1, 2015, Eckert and Kelley formed a partnership. Eckert contributed $86,000 cash and Kelley contributed land valued at $68,800 and a building valued at $98,800. The partnership also assumed responsibility for Kelley's $76,000 long term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $30,500, both are to receive an annual Interest allowance of 8% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2015, Eckert withdrew $29,000 cash and Kelley withdrew $22.000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2015, the Income Summary account had a credit balance of $77,000. eBook Hint 1a&b.Prepare journal entries to record the partners' Initial investments and their subsequent cash withdrawals. Print ferences View transaction list Journal entry worksheet Record the partners' Initial capital investment. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01, 2015 On March 1, 2015. Eckert and Kelley formed a partnership. Eckert contributed $86,000 cash and Kelley contributed land valued at $68,800 and a building valued at $98,800, The partnership also assumed responsibility for Kelley's $76,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $30,500, both are to receive an annual interest allowance of 8% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2015, Eckert withdrew $29,000 cash and Kelley withdrew $22.000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2015, the Income Summary account had a credit balance of $77,000. 1o&b.Prepare journal entries to record the partners' Initial investments and their subsequent cash withdrawals. View transaction list Journal entry worksheet nces 2. Determine the balances of the partners' capital accounts as of December 31, 2015. Eckert Kelley Capital account balances Initial investment Withdrawals Share of income Ending balances