Problem 12-38 Allocating partnership income 15 P2 Albin, Peters, and Ramsey invested $164,000,$98,400, and $65,600, respectively, in a partnership. During its first calendar year, the firm earned $270,000. Required Prepare the entry to close the firm's Income Summary account as of its December 31 yearend and to allocate the $270,000 net income under each separate assumption. 1. The partmers did not agree on a plan and therefore share income equally. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. 3. The partners agreed to share income and loss by providing annual salary allowances of $96,000 to Albin, $72,000 to Peters, and $50,000 to Ramsey: granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally