Question: I need help filling in the blanks for the allocation of partnership income and capital account balances On March 1, Eckert and Kelley formed a

I need help filling in the blanks for the allocation of partnership income and capital account balances

On March 1, Eckert and Kelley formed a partnership. Eckert contributed $74,000 cash, and Kelley contributed land valued at $59,200 and a building valued at $89,200. The partnership also took Kelleys $64,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $31,500, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $29,000 cash and Kelley withdrew $22,000 cash. First year income was $91,000. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. 2. Determine the balances of the partners capital accounts as of December 31.

Allocation of Partnership Income
Eckert Kelley Total
Net Income
Salary allowances 0
Balance of income
Interest allowances 0
Balance of income
Balance allocated equally 0
Balance of income $0
Shares of the partners $0 $0
Date General Journal Debit Credit
Record the entry to close the partners' withdrawals accounts.
Dec 31 Eckert, Capital
Kelley, Capital
Eckert, Withdrawals
Kelley, Withdrawals
Record the entry to close the income summary account.
Dec 31 Income summary
Eckert, Capital
Kelley, Capital
Capital Account Balances Eckert Kelley
Initial investment
Withdrawals
Share of income
Ending balances $0 $0

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