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Jenkins, Willis, and Trent invested $244,000,$427,000, and $549,000, respectively, in a partnership. During its first year, the firm recorded net income of $636,000. Required: Prepare

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Jenkins, Willis, and Trent invested $244,000,$427,000, and $549,000, respectively, in a partnership. During its first year, the firm recorded net income of $636,000. Required: Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the net income to the partners under each of the following assumptions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. The partners did not produce any special agreement on the method of sharing incomes. b. The partners agreed to share net incomes and losses in the ratio of their beginning investments. Journal entry worksheet Record to close income summary. Nytei teter debis befure eredus

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