Helm Jenkins, Willis, and Trent invested $224,000, $392,000, and $504,000, respectively, in a partnership. During its...

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Helm Jenkins, Willis, and Trent invested $224,000, $392,000, and $504,000, respectively, in a partnership. During its first year, the firm recorded profit of $624,000. Required: Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any special agreement on the method of distributing profits. View transaction list Journal entry worksheet 1 Record to close income summary account. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Helm Jenkins, Willis, and Trent invested $224,000, $392,000, and $504,000, respectively, in a partnership. During its first year, the firm recorded profit of $624,000. Required: Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any special agreement on the method of distributing profits. View transaction list Journal entry worksheet 1 Record to close income summary account. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal