39) The partnership agreement of Sleeter, Frisco, and Kinney provides for annual distribution of profit and loss in the following sequence: - Frisco, the managing partner, receives a bonus of 10% of net income. - Each partner receives 5% interest on average capital investment. - Residual profit or loss is to be divided 4:2:4. Average capital investments for 2017 were: Sleeter $270,000 Frisco $180,000 Kinney $120,000 Required: A. Prepare a schedule to allocate net income, assuming operations for the year resulted in: 1. Net income of $75,000. 2. Net income of $15,000. 3. Net loss of $30,000. B. Prepare the journal entry to close the Income Summary account for each situation above