J. Collins and S. Kaur form a partnership by investing $120,000 and 3130,000 respectively. Their partnership agreement stipulates that Collins 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 Collins, and 55% to Kaur Profit for their first year of operations is $80,000. Prepare the entry to close Income Summary Please use the following table as a guide to answer this question J. Collins S. Kaur Total Profit to be Divided SalaryAllowance Interest Allowance Profi Remaining Ratio Share of Profit Income Summary U Collins, Capital S. Kaur, Capital