On March 1, Eckert and Kelley formed a partnership. Eckert contributed $83,000 cash, and Kelley contributed land valued at $66,400 and a building valued at $96,400. The partnership also took Kelleys $73,000 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 $29,000, 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 $30,000 cash and Kelley withdrew $23,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the Income Summary account had a credit balance of $99,000.

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

Determine the partners shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts. (Enter all allowances as positive values. Enter losses as negative values.

	Allocation of Partnership Income
		Eckert	Kelley	Total
	Net Income			$99,000
	Salary allowances	$29,000	$0	29,000
	Balance of income			70,000
	Interest allowances	8,300	8,980	17,280
	Balance of income			52,720
	Balance allocated equally	26,360	26,360	52,720
	Balance of income			$0
	Shares of the partners	$63,660	$35,340
Date	General Journal	Debit	Credit
Record the entry to close the partners' withdrawals accounts.
Dec 31	Eckert, Capital	30,000
	Kelley, Capital	23,000
	Eckert, Withdrawals		30,000
	Kelley, Withdrawals		23,000
Record the entry to close the income summary account.
Dec 31	Income summary	99,000
	Eckert, Capital
	Kelley, Capital

Determine the balances of the partners' capital accounts as of December 31

Capital Account Balances		Eckert	Kelley
Initial investment
Withdrawals
Share of income
Ending balances	$0	$0

**I believe I only need help with the last two parts that are in bold font**