Assignment 3-Partnership Allocation of Profit/Loss among Partners. Read the following information about Smartway Associates having two partners David and Kathy. As per the partnership deed every year: a) David gets $20,000 and Kathy gets $40,000 as Salary Allowances. b) David gets $5000 as interest allowances and Kathy gets $ 1,000. c) Profits/losses are to be shared equally between the partners. d) Net Profit for the year ended Dec 31st 2020 is $200,000. REQUIRED A) Statement of Allocation of Profit/Loss to Partners B) Journal Entry to close the Income Summary Account to the Partner's Capital Account