J. Collins and S. Kaur form a partnership by investing $120,000 and $130,000 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
Salary Allowance
Interest Allowance
Profit Remaining
Ratio
Share of Profit
Income Summary
J. Collins, Capital
S. Kaur, Capital