8:07 21% On January 1, 2021, the capital balances in Pharoah Partnership are as follows: Zoya Gable $17,000 Matthew Smith $20,160 Neither partner had any drawings in 2021. Prepare the closing entry to allocate the partnership profit if in 2021, the partnership reports profit of $75,600. There is no partnership agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 121%- 8:07 PS manually.) Date Account Titles and Explanation Debit Cred Dec. 31 (To close Income Summary.) e Textbook and Media Assistance Used 8:07 121%- Prepare the closing entry to allocate the partnership profit if in 2021, the partnership reports profit of $50,400. The income ratio provides for salary allowances of $35,280 for Gable and $25,200 to Smith and the remainder to be shared equally. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Cred Date Account Titles and Explanation Dec. 31 (To close Income Summary.) 8:07 PM 1 21% Prepare the closing entry to allocate the partnership profit if in 2021, the partnership reports profit of $50,400. Assume the partnership agreement calls for profit to be divided with a salary of $33,600 to Gable and $25,200 to Smith. Gable is allowed 6% of interest on her beginning capital, and the remainder is divided 70%- 30%. (Round answers to decimal places, eg. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Cred Date Account Titles and Explanation Dec. 31 (To close Income Summary)