Bill Ace and Dennis Bud are partners in an urban restaurant called Salt. Profit for the year ended March 31, 2017, is $120,000. How much profit should be allocated to each partner assuming there is no partnership agreement? Prepare the entry to allocate the profit. Prepare the entry to allocate the $120,000 assuming it is a loss. Lisa Montgomery and Joel Chalmers established a coffee bean distribution business. Their partnership profits and losses based on an agreement that gave Lisa a salary allowance of $45,000 and Joel $10,000 with any unallocated profit (loss) shared equally. Prepare the entry to close the Income Summary account at December 31, 2017, assuming a credit balance of $48,000. Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as detailed in their partnership agreement that gave Jenn a salary allowance of $115,000 and Mike $90,000 with any unallocated profit (loss) shared 3:2. Prepare the entry to close the Income Summary account at December 31, 2017, assuming a debit balance of $80,000