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On March 2, 2020, Zoe Moreau, Karen Krmeta, and Veronica Visentinstart a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CARLA VISTA Personal Coaching: 2020 Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: They also agree that the partnership will assume responsibility for Karen's note payable of $4,700. Dec. Zoe: Karenand Veronica each withdraw $29,600 cash as a year-end bonus: No other withdrawals were made during 20 the year. 31 Total profit for 2020 was $109,000. 2021 Jan.5 Zoeand Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $15.850 cash from the partnership. 6 Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec Zoe and Veronica withdrawe $42.800 and $45.000 cash, respectively from the partnerstip. 20 31 Total profit for 2021 was $123,750. 2022 Jan.4 Zoe and Veronica agree to admit Dela Hirjikaka to the partnership; Dela will focusion praviding training in organizational shilis to clients, Dela irtvests $31,100 cash for 25% ownership of the partnecstip. Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership. Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)