Cook and Parker formed a partnership with capital contributions of $$50,000$ and

$$60,000$ respectively. Their partnership agreement called for Cook to receive a $$9,000$

annual salary allowance, and each partner to receive a share of profit equal to a $5\%$

return on capital investments. The remaining income or loss is to be divided $50\%$ to

Cook and $50\%$ to Parker.

Required:

A$)$ If the profit for the year is $$105,000,$ what are Cook and Parson's respective shares?

B$)$ Prepare the required closing entry $($close Income Summary to the equity accounts$).$