Jenkins, Willis, and Trent invested $268,000, $469,000, and $603,000, respectively, in a partnership. During its first year, the firm recorded profit of $651,000. Required: Prepare entries to close the firms 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.

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 $127,000 to Jenkins, $137,000 to Willis, and $72,000 to Trent; allowing 15% interest on the partners beginning investments; and sharing the remainder equally.

Check my work UT 5 Jenkins, Willis, and Trent invested $268,000, $469,000, and $603,000, respectively, in a partnership. During its first year, the firm recorded profit of $651,000. 10 points 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: eBook a. The partners did not produce any special agreement on the method of distributing profits. Print References View transaction list Journal entry worksheet Record to close income summary account. Note: Enter debits before credits. Date General Journal Debit Credit UT 5 View transaction list Journal entry worksheet 10 points References Record to close income summary account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Check my work 5 c. The partners agreed to share profit by providing annual salary allowances of $127,000 to Jenkins, $137,000 to Willis, and $72,000 to Trent; allowing 15% interest on the partners' beginning investments, and sharing the remainder equally. View transaction list 10 points Journal entry worksheet eBook Print References Record to close income summary account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31