PROBLEMS Problem 11-1A Methods of allocating partnership profit L03 eXcel CHECK FIGURE: Cr. Jenkins, Capital: $95,000 Jenkins, Willis, and Trent invested $100,000, $175,000, and $225,000, respectively, in a partnership. During its first year, the firm recorded profit of $300,000. 788 CHAPTER 11 Partnerships Required Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any special agreement on the method of distributing profits. b. The partners agreed to share profit and losses in the ratio of their beginning investments. c. The partners agreed to share profit by providing annual salary allowances of $55,000 to Jedins, Willis, and $25,000 to Trent; allowing 20% interest on the partners' beginning investment remainder equally. Problem 11-2A Allocating partnership profits and losses; sequential years LO3 1 Phillip: $(86,000): Case: $(14,000); d. Year 2: Phillip: $39,000; Case: $111,000 hoclates, to which Phillip w