cards ed ent Problem 12-3B Allocating partnership income P2 Albin, Peters, and Ramsey invested $164,000, $98,400, and $65,600, respectively, in a partnership. During Required Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to alloca 1. The partners did not agree on a plan and therefore share income equally. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. 3. The partners agreed to share income and loss by providing annual salary allowances of $96,000 to partners' beginning capital investments; and sharing the remainder equally. Check (3) Ramsey, Capital, $62,960

Allocating partnership income P2 Albin, Peters, and Ramsey invested $164,000,$98,400, and $65,600, respectively, in a partnership. Durin Required Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to alloc 1. The partners did not agree on a plan and therefore share income equally. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. 3. The partners agreed to share income and loss by providing annual salary allowances of $96,000 to partners' beginning capital investments; and sharing the remainder equally. Check (3) Ramsey, Capital, \$62,960