Pharoah Company reported net income of $$97,900.$ The partnership agreement provides for salaries of $$21,500$ to Miley and $$19,400$ to Guthrie. They divide the remainder $37\%$ to Miley and $63\%$ to Guthrie.

$($a$1).$

$($a$2)$

Prepare the closing entry. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

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