Jenkins, Willis, and Trent invested $256,000, $448,000, and $576,000, respectively, in a partnership. During its first year, the firm recorded profit of $642,000. 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 list Journal entry worksheet Record to close income summary account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 642,000 Income summary Jenkins, capital Willis, capital Trent, capital 214,000 214,000 214,000 Record entry Clear entry View general journal b. The partners agreed to share profit and losses in the ratio of their beginning investments. Screenshot c. The partners agreed to share profit by providing annual salary allowances of $124,000 to Jenkins, $134,000 to Willis, and $69,000 to Trent; allowing 15% interest on the partners' beginning investments; and sharing the remainder equally. View transaction list Journal entry worksheet Record to close income summary account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal