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Problem 11-248 [LO S1] Groucho, Harpo, and Chico go into partnership on January 1, 2015. Groucho contributes $360,000, Harpo $280,000, and Chico $160,000 to a business called Marx Brothers Partnership. On a monthly basis, each partner is allocated income and is allowed to receive cash from the business in proportion to the capital they provided. Assume that Groucho receives $7,200 cash per month. Required a-d. Prepare the journal entry for the following transactions: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) i) The initial investment (il) The monthly distribution amounts for each of the three partners. (i") The allocation of an annual net income of $336,000.For purposes of this journal entry, assume sales were $504, operating expenses. 000 and that all expenses (totaling $168,000) were recorded in a single account called (v) The closing of the drawings accounts at the end of the year View transaction list 1 Record the entry for the initial investment 2 Record the entry for the monthly distribution. 3 Record the entry for the allocation of an annual net income. Record the entry for the closing of the drawings accounts at the end of the year 4 20 aod F FI FS F7

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