Cornish and Duffee form a partnership by investing $$120,000$ and $$130,000$

respectively. Their partnership agreement stipulates that Cornish will receive an annual

salary allowance of $$12,000,$ and both partners will receive an interest allowance of $5\%$

on their capital investment. Any profit remaining is to be allocated $45\%$ to Cornish, and

$55\%$ to Duffee. Profit for their first year of operations is $$80,000.$

Required:

A$)$ Allocate the profit to each partner.

B$)$ Prepare the entry to close Income Summary.