For the year ended May 31, 2017, the firm of Ace, Bay and Cap, L.L.P. had a net loss of $120,000 before any allocation among the partners. The partnership contract provided for the following: Salaries" of $20,000 to Ace, $30,000 to Bay, and $40,000 to Cap, a "bonus" of 20% of income, if any (after salaries and bonus) to Ace, and theremaining income or loss allocated 20% to Ace, 50% to Bay, and 30% to Cap. Prepare the jounal entry to close out the net income or loss for Ace, Bay and Cap. L.L.P. on May 31, 2017