A, B and C are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to A, $8,000 to B and $14,000 to C. Interest allowances of 10% on beginning-of-year capital balances Balance to be divided in the ratio of 3:1:1. If profit for the year is $250,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital