Michelangelo, Donatello, and Raphael are partners with beginning-year capital balances of $525,000, $380,000, and $230,000, respectively. The partners agreed to share income and loss as follows: Salary of $35,000 to Michelangelo, $55,000 to Donatello, and $60,000 to Raphael. An interest allowance of 10% on beginning-of- year capital balances. Any remaining balance to be divided equally. If partnership net income for the year is $175,000, determine each partner's share and make the appropriate journal entry to close the Income Summary to the capital accounts.