. Partnership Profit (Loss) Allocation Ed, Zee, and Ned have been partners for one year and according to their partnership agreement: Ed and Zee receive salary allowances of $35 000 and $40 000 respectively, each partner receives an interest allowance of 10% on their capital investments, and any remaining profit or loss will be shared in a 2:1-2 ratio, On December 31, it was determined that the business earned $50 000 in profits. At year end their capital balances were $30 000 (Ed), $35 000 (Zee), and $40 000 (Ned). Calculate each partner's respective share of the $50,000 profit and prepare the entry to close Income Summary on December NOTE- The account names have not been indented on purpose. Select the account name to be included in the journal entry, choose whether that account is debited or credited, and finish by entering the amount. Debits still need to come before credits Date Account Titles and Explanation Debit or Credit Amount >