Jenkins, Willis, and Trent invested $ $ and $ respectively, in a partnership. During its first year, the firm recorded profit of $

Required:

Prepare entries to close the firms Income Summary account as of December and to allocate the profit to the partners under each of the following assumptions:Show all supporting calculations for full grades

a The partners did not produce any special agreement on the method of distributing profits.

b The partners agreed to share profit and losses in the ratio of their beginning investments.

c The partners agreed to share profit by providing annual salary allowances of $ to Jenkins, $ to Willis, and $ to Trent; allowing interest on the partners beginning investments; and sharing the

remainder equally.