K. William (beginning capital, $41,000 ) and I. Brown (beginning capital $65,600 ) are partners. During 2024 , the partnership reported profit of $65,600, and William made drawings of $14,760 while Brown made drawings of $16,400. (a) Your answer is correct. Assume the partnership agreement calls for profit to be divided 45% to William and 55% to Brown. Prepare the journal entry to close the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Assume the partnership agreement calls for profit to be divided with a salary of $24,600 to K. William and $20,500 to I. Brown, with the remainder divided 45% to William and 55% to Brown. Prepare the journal entry to close the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)