Jenkins, Willis, and Trent invested $204,000, $357,000, and $459,000, respectively, in a partnership. During its first year, the firm recorded profit of $603,000. Required: Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under eac 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 Dres 6 # Next Journal entry worksheet < 1 Record to close income summary account. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit View general journal Clear entry Record entry b. The partners agreed to share profit and losses in the ratio of their beginning investments. 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 Clear entry Record entry View general journal < Prev 5 of 6 M c. The partners agreed to share profit by providing annual salary allowances of $111,000 to Jenkins, $121,000 to Willis, and $56,000 to Trent; allowing 20% interest on the partners' beginning investments; and sharing the remainder equally. 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 Clear entry Record entry View general journal