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.

• Record to close income summary account

b. The partners agreed to share profit and losses in the ratio of their beginning investments.

• Record to close income summary account. 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.
• Record to close income summary account.