S Problem 11-1A Methods of allocating partnership profit LO3 Jenkins, Willis, and Trent invested $272,000, $476,000, and $612,000, respectively, in a partnership. During its first year, the firm recorded profit of $621,000. 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. View transaction list Journal entry worksheet Record to close income summary account.