https://eztomheducation.com/ext/map/index.html?_con con&external_browser- Saved tempt 26 Help Save & Exit Liam and Katano formed a partnership to open a sushi restaurant by investing $115,000 and $125,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $170,000, interest allowance to both Liam and Katano equal to 15% of their beginning-of-year capital balance, and any balance based on a 1:3 ratio, respectively. At the end of their first year, December 31, 2020, the Income Summary had a credit balance of $50,000. Liam withdrew $27,000 during the year and Katano $44,000 Required: 1. Determine each partner's share if the first-year profit was $50,000. Prepare the entry to close the Income Summary on December 31, 2020. (Leave no cell blank. Enter "O" when the answer is zero. Negative answers should be indicated by a minus sign.) Total salaries and interest allocation Balance of profit Remainder 1.3 ratio Balance of profit Shares of each partner Share to Share to Liam Total Kalano < Prev 2 of 4 Next > Dr. Dr. Harpe