Prepare the closing entry to allocate the partnership profit if in 2024, the partnership reports profit of $68,400. The profit and loss ratio provides for salary allowances of $47,880 for King and $34,200 to Johnson and the remainder to be shared equally. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)