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21. Sam invested $60,000 and Harry invested $80,000 in a partnership and agreed to share income L and losses by allowing a $6,000 annual salary

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21. Sam invested $60,000 and Harry invested $80,000 in a partnership and agreed to share income L and losses by allowing a $6,000 annual salary allowance to Sam and an $1,000 annual salary allowance to Harry. As well, each partner is to receive a share of profit equal to a 10% return on I capital investments, and the balance is to be divided 1/3 to Sam and 2/3 to Harry. Under this agreement, what are the shares of the partners if the partnership income is $85,000-Also prepare joumal entry to close the income summary account. 10

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