Jenkins, Willis, and Trent invested $100,000, $175,000, and $225,000, respectively, in a partnership. During its first year, the firm recorded profit of $300,000 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 lit Journal entry worksheet C > Record to close income summary account Hotel Enter debits before credits Date General Journal Debit Credit Dec 31 b. The partners agreed to share profit and losses in the ratio of their beginning investments View transaction list Journal entry worksheet