b. The partners agreed to share profit and losses in the ratio of thelr beginning investments. Journal entry worksheet Jenkins, Wilis, and Trent invested $100,000,$175,000, and $225,000, respectively, in a partnership. During its first year, the firm recorded profit of $300,000 Required: Prepare entries to close the firm's income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: 0. The partners did not produce any special agreement on the method of distributing profits. c. The partners agreed to share profit by providing annual salary allowances of $55,000 to Jenkins, $60,000 to Willis, and $25,000 to Trent, allowing 20% interest on the partners' beginning investments; and sharing the remainder equally. Journal entry worksheet Record to close income summary account. Note: Enter debits before credits