On January 1, 2024, the capital balances in Crane Partnership are as follows: Zoya King Matthew Johnson $22,800 $27,360 Neither partner had any drawings in 2024.

Prepare the closing entry to allocate the partnership profit if in 2024, the partnership reports profit of $68,400. Assume the partnership agreement calls for profit to be divided with a salary of $45,600 to King and $34,200 to Johnson. King is allowed 5% of interest on her beginning capital, and the remainder is divided 60%-40%. (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 O for the amounts.)