Question $4(20$ Marks$)$

Tracy Regis and Kimberly Fisher formed a partnership in which Tracy Regis devotes one$-$third time and Kimberly Fisher works full time. They have discussed several alternative plans for sharing net incomes and losses $($listed below$).$ The partners generated a $$87,000$ income in the first year.

For each of the following four plans identified below, prepare the appropriate entry to close the income Summary account on December $31,2023.$ Enter an appropriate description when entering the transactions in the joumal.

Please make sure your final answer$($s$)$ are accurate to the nearest whole number.

a$.$ Net incomes and losses are to be shared in the ratio of their initial investments, which they have agreed will be $$110,000$ for Tracy Regis and $$110,000$ for Kimberly Fisher.

b$.$ Net incomes and losses are to be shared in proportion to the time devoted to the business.

c$.$ Net incomes and losses are to be shared assuming a salary allowance of $$27,000$ to Kimberly Fisher and the balance in accordance with their initial investment ratio.

d$.$ The partners agreed to share income by providing annual salary allowances of $$27,000$ to Kimberly Fisher, $10\%$ interest on the partners' beginning investments; and the balance equally

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