SHORT ESSAY Matt Baines and Dave Bristow form a partnership, investing $80,000 and $140,000 respectively. Net income is $250,000 and the partnership agreement states that the partnersshare profits and losses based on their capital contributions. Matt Baines withdrew cash of $120,000 for personal use, and Dave Bristow withdrew cash of $95,000 during the year. Required: A) Determine their shares of net income above for each of partner. B) Using the data from situation above, journalize the entries to close to each capital account the: (1) income summary account, and (2) the partners’ withdrawal accounts. Explanations are not required. C) Indicate the amount of increase or decrease in each partner’s capital balance.What was the overall effect on partnership capital?