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On January 1, 2021, the capital balances in Pharoah Partnership are as follows: Zaya Gable $27.000 Matthew Smith $20.160 Neither partner had any drawings in 2021. Your answer is correct. Prepare the closing entry to allocate the partnership profit if in 2021, the partnership reports profit of $75,600. There is no partnership agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Debit Credit 75600 Date Account Titles and Explanation Dec. 31 Income Summary M.Smith, Capital Z Gable Capital ITo close Income Summary) 37800 37800 eTextbook and Media - Your answer is partially correct. Prepare the closing entry to allocate the partnership profit itin 2021, the partnership reports profit of $50,400. The Income ratio provides for salary allowances of $35 280 for Gable and $25,200 to Smith and the remainder to be shared equally. (Credit account titles are automatically indented when the amount is entered. Do not indenit m a y Debit Credit 50,400 Date Account Titles and Explanation Dec. 31 Income Summary : M.Smith, Capital Z Gable Capital ITo close Income Summary) 25200 25200 cTextbook and Media Your answer is partially correct. Prepare the closing entry to allocate the partnership profit if in 2021, the partnership reports profit of $50,400. Assume the partnership agreement calls for profit to be divided with a salary of $33,600 to Gable and $25,200 to Smith. Gable is allowed 6% of interest on her beginning capital, and the remainder is divided 70%-30%. Round answers to decimal places. CR 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manual) Debit Credit 50400 Date Account Titles and Explanation Dec. 31 Income Summary Z Cable Capital M.Smith, Capital ITe closelnome Sursy 35280 15120