E$12\mathrm{.}4($LO $3)$ AP K$.$ Ison $($beginning capital, $$50,000)$ and I. McCoy $($beginning capital $$80,000)$ are partners. During $2024,$ the partnership reported

profit of $$80,000,$ and Ison made drawings of $$18,000$ while McCoy made drawings of $$20,000.$

Instructions

a$.$ Assume the partnership agreement calls for profit to be divided $45\%$ to Ison and $55\%$ to McCoy. Prepare the journal entry to close the Income

Summary account.

b$.$ Assume the partnership agreement calls for profit to be divided with a salary of $$30,000$ to $K.$ Ison and $$25,000$ to I. McCoy, with the remainder

divided $45\%$ to Ison and $55\%$ to McCoy. Prepare the journal entry to close the Income Summary account.

c$.$ Assume the partnership agreement calls for profit to be divided with a salary of $$40,000$ to $K.$ Ison and $$30,000$ to I. McCoy, interest of $10\%$ on

beginning capital, and the remainder divided $50\%-50\%.$ Prepare the journal entry to close the Income Summary account.