On March 2, 2023, Zoe Miller, Karen Moore, and Veronica Anderson start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for Pharoah Personal Coaching:

2023

Mar. 2

The partners contribute assets to the partnership at the following agreed amounts:

		Z. Miller				K. Moore				V. Anderson
Cash			$12,000				$8,000				$16,000
Furniture							13,600
Equipment			14,400								10,400
Total			$26,400				$21,600				$26,400

They also agree that the partnership will assume responsibility for Karens note payable of $4,000.

Dec. 20		Zoe, Karen, and Veronica each withdraw $24,000 cash as a year-end bonus. No other withdrawals were made during the year.
31		Total profit for 2023 was $88,000.

2024
Jan. 5		Zoe and Veronica approve Karens request to withdraw from the partnership for personal reasons. They agree to pay Karen $12,000 cash from the partnership.
6		Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively.
Dec. 20		Zoe and Veronica withdraw $34,200 and $36,000 cash, respectively, from the partnership.
31		Total profit for 2024 was $99,000.

2025
Jan. 4		Zoe and Veronica agree to admit Dela White to the partnership. Dela will focus on providing training in organizational skills to clients. Dela invests $24,800 cash for 25% ownership of the partnership.

Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account.