1) Jack and Jill form a partnership by investing $120,000 and $130,000 respectively. Their partnership agreement stipulates that Jack will receive an annual salary allowance of $12,000, and both partners will receive an interest allowance of 5% on their capital investment. Any profit remaining is to be allocated 45% to Jack, and 55% to Jill. Profit for their first year of operations is $80,000. Show the profit allocation calculation details, and prepare the joumal entry to close Income Summary. (2 Marks)