Partnership Profit (Loss) Allocation Ed, Zee, and Ned have been partners for one year and according to their partnership agreement Ed and Ned receive salary allowances of $40 000 and $35 000 respectively, each partner receives an interest allowance of 12% on their capital investments, and any remaining profit or loss will be shared in a 2:33 ratio On December 31, it was determined that the business earned $280 000 in profits. At year end the capital balances were 530 000 (Ed), $35 000 (Zoe), and $40 000 (Ned) Calculate each partner's respective share of the $280,000 profit and prepare the entry to close Income Summary on December 31 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 Account Titles and Explanation Debit of Credit Amount Next page Macbook Pro