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1. Sparrow Smith and Wren Wright are equal partners in the S and W partnership.The partnership has a loss of $200,000, in 2023. Sparrow Smith

1. Sparrow Smith and Wren Wright are equal partners in the S and W partnership.The partnership has a loss of $200,000, in 2023. Sparrow Smith has a $60,000, guaranteed salary.

Required: Prepare the journal entry to close income summary to the partners capital account.

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