Attached are images of the questions I would like answered. There is also one other image I could not attach
00:18 Thu Dec 15 # ezto.mheducation.com 0 Question 3 - Homework 8 - Connect Homework 8 0 Saved Help Save & Exit Submit 6 points eBook Hint Print References Check my work 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 Kelley's $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 $30,500, both get an annual interest allowance of 8% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $31,000 cash and Kelley withdrew $24,000 cash. First year income was $80,000. 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. Req 1A and 1B Req 1C Req 2 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.) Net Income< prev="" 3="" of="" 5="" next=""> SE: 1 00:18 Thu Dec 15 # ezto.mheducation.com 0 Question 3 - Homework 8 - Connect Homework 8 0 Saved Help Save & Exit Submit Check my work Net Income 5 Salary allowances points Balance of income Interest allowances Balance of income eBook Balance allocated equally Hint Balance of income $ Print Shares of the partners $ 37,140) $ 7,184 References Record the entry to close the partners’ withdrawals accounts. Dec 31 Record the entry to close the income summary account. Dec 31 Ea < prev="" 3="" of="" 5="" next=""> CE 00:18 Thu Dec 15 # ezto.mheducation.com 0 Question 3 - Homework 8 - Connect Homework 8 0 Saved Help Save & Exit Submit 6 points eBook Hint Print References Check my work with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $30,500, both get an annual interest allowance of 8% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $31,000 cash and Kelley withdrew $24,000 cash. First year income was $80,000. 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. Req 1A and 1B Req 1C Req 2 Determine the balances of the partners' capital accounts as of December 31. Initial investment Withdrawals Share of income Ending balances $ 0 $ 0 < prev="" 3="" of="" 5="" next=""> SE: 1 00:18 Thu Dec 15 RAPA] # ezto.mheducation.com 0 Question 4 - Homework 8 - Connect Homework 8 0 Saved Help Save & Exit Submit Check my work Mike and Rachel form M&R Partnership. Mike invests $42,000 cash and Rachel invests $62,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $9,200 per year; both get an annual interest allowance of 10% on their initial investment; and any remaining balance is shared equally. Net income for the year is $32,000. Also, Mike withdrew $1,200 cash from the partnership and Rachel withdrew $2,200. Prepare a statement of partners’ equity for the year ended December 31. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses and withdrawals as negative values.) eBook Print References Initial partnership investments fF] fF] Netnoome | Total net income Total Ea < prev="" 4="" of="" 5="" eee="" next=""> CE 00:19 Thu Dec 15 # ezto.mheducation.com 0 Question 5 - Homework 8 - Connect Homework 8 0 Saved Help Save & Exit Submit Check my work Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended December 31 follow. 6 Accounts payable $ 5,400 Accounts receivable $ 14,800 points Cash 44,000 Gomez, Capital 19,000 Land 29,000 Long-term notes payable 24,000 (supped Pearson, Capital 34,000 Litt, Capital 5,400 Prepare a classified balance sheet. eBook Print References Assets Current assets Total current assets 0 Plant assets Total assets $ 0 Liabilities Next Ea < prev 5 of 5 prev="" 5="" of="">