- 44 Natyur Maksut tus J.Coins and surtomaahip big 1120,000 and $130.000 metre Theresia greement toutes that ons wil receive w salowance of 12000, and bonelowance of the capital investment strengtote sta, 5541 Prod for their styear of operis 180.000 Preove the income Summary Pate the following guide to trustion 1. Collins S. Tor Proto wa Batarybowance Ace Prema Ro Share of Pro income Cup 1 A- 1 S 103 PM 2010 0 dd to HE - - J. Collins and 8 Kaur form a partnership by investing $120,000 and $130,000 respectively. Their partnership agreement stipulates that Colline 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 Collins, and 55% to Kaut Profit for their first year of operations is $80,000. Prepare the entry to close Income Summary Please use the following table as a guide to answer this question J. Collins S. Kaur Total Pront to be Divided SalaryAllowance Interest Allowance Profit Remaining Ratio Share of Profit Income Summary W. Collins, Capital S. Kaut Capital