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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. List all debit entries before credit ontrioc If nn ontar is Question 1 of 1 (To record cash drawings.) (To close Income Summary.) 2025 (To record admission of partner) They also agree that the partnership will assume responsibility for Karen's note payable of $6,800. Dec. 20 Zoe, Karen, and Veronica each withdraw $40,800 cash as a "year-end bonus." No other withdrawals were made during the year. 31 Total profit for 2023 was $149,600. 2024 Jan. 5 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $20,400 cash from the partnership. 6 Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. 20 Zoe and Veronica withdraw $58,140 and $61,200 cash, respectively, from the partnership. 31 Total profit for 2024 was $168,300. 2025 Jan. 4 Zoe and Veronica agree to admit Dela Smith to the partnership. Dela will focus on providing training in organizational skills to clients. Dela invests $42,160 cash for 25% ownership of the partnership. Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership. On March 2, 2023, Zoe Lee, Karen Hall, and Veronica Young start 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 Sunland Personal Coaching: 2023 Mar. 2 The partnens 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 $6,800. 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. List all debit entries before credit ontrioc If nn ontar is Question 1 of 1 (To record cash drawings.) (To close Income Summary.) 2025 (To record admission of partner) They also agree that the partnership will assume responsibility for Karen's note payable of $6,800. Dec. 20 Zoe, Karen, and Veronica each withdraw $40,800 cash as a "year-end bonus." No other withdrawals were made during the year. 31 Total profit for 2023 was $149,600. 2024 Jan. 5 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $20,400 cash from the partnership. 6 Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. 20 Zoe and Veronica withdraw $58,140 and $61,200 cash, respectively, from the partnership. 31 Total profit for 2024 was $168,300. 2025 Jan. 4 Zoe and Veronica agree to admit Dela Smith to the partnership. Dela will focus on providing training in organizational skills to clients. Dela invests $42,160 cash for 25% ownership of the partnership. Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership. On March 2, 2023, Zoe Lee, Karen Hall, and Veronica Young start 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 Sunland Personal Coaching: 2023 Mar. 2 The partnens 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 $6,800