Please show all workings

93 Weighted average capital balance During year 2, 2017-the following T accounts show the activity in the partner's Capital and Withdrawal accounts: On May 1, 2017 - HH withdrew $45,000 and JR withdrew $25,000 HH Capital JR Capital 1/1/2017 216.540 124.460 R Drawings 25,000 HH Drawing 1-May 45,000 HH's additional capital contributions during the year is as follows: Date Contribution 3/31/2017 $16,000 7/1/2017 12,000 11/30/2017 24,000 JR's additional capital contributions during the year is as follows: Date Contribution 4/1/2017 12,000 9/1/2017 $ 12,000 11/30/2017 24,000 Assume the partnership agreement states that profits and losses will be distributed as follows: 1. JR will receive an annual salary of $30,000. 2. Each partner receives a 20% interest on their weighted average capital balances 3.JR gets a bonus of 15% on net income over $50,000 4. HH and JR share remaining profits and losses equally (50:50) 1. Calculate the weighted average capital balance for each partner 2. Calculate the distribution of the income or loss generated under the following assumptions: a) The partnership had a net income of $150,000 at the end of 2017. b) The partnership had a net income of $75,000 at the end of 2017 a) The partnership had a net loss of $20,000 at the end of 2017. d) Prepare the closing entries for both capital and withdrawal accounts as of Dec. 31, 2017