8. Sloan, Heath, and Chris have capital balances of $16,000, $36,000, and $86,000. The partners share profit as 1:1:3, respectively. The partnership had net income of $105,000 for the year. Journalize the closing entry to allocate the net income. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Date Accounts and Explanation Debit Dec. 31 6. Frank Company reported beginning and ending total assets of $240,000 and $380,000, respectively. Its net sales for the year was $396,800. What was Frank's asset turnover ratio? Begin by selecting the formula to calculate the company's asset turnover ratio. Then enter the amounts and calculate the ratio. (Round the asset turnover ratio to two decimal places, X.XX.) Asset turnover ratio