On March 1, Eckert and Kelley formed a partnership. Eckert contributed $72,000 cash, and Kelley contributed land valued at $57,600 and a building valued at $87,600. The partnership also took Kelley's $62,000 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 $28,500, both get an annual interest allowance of 9% 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 $77,000. Required: 1a. \& 1b. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. Journal entry worksheet Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. Journal entry worksheet Record the cash withdrawal of Eckert ($29,000) and Kelley ($22,000). Note: Enter debits before credits. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. Note: Enter all allowances as positive values. Enter losses as negative values. Req 1A and 1B Req 2 Exercise 12-7 (Algo) Journalizing partnership transactions LO P2 On March 1, Eckert and Kelley formed a partnership. Eckert contributed $72,000 cash, and Kelley contributed land valued at $57,600 and a building valued at $87,600. The partnership also took Kelley's $62,000 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 $28,500, both get an annual interest allowance of 9% 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 $77,000. Required: 1a. \& 1b. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. 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. Complete this question by entering your answers in the tabs below. Determine the balances of the partners' capital accounts as of December 31