Jenkins, Willis, and Trent invested $220,000, $385,000, and $495,000, respectively, in a partnership. During its first yeal

the firm recorded profit of $615,000.

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.

c. The partners agreed to share profit by providing annual salary allowances of $115,000 to Jenkins, $125,000 to Willis, and

$60,000 to Trent; allowing 15% interest on the partners' beginning investments; and sharing the remainder equally.