Answered>Order 4469
Mark Albin, Roland Peters, and Sam Ramsey invested $164,000, $98,400, and $65,600, respectively, in a partnership. During its first calendar year, the firm earned $270,000. Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $270,000 net income to the partners under each of the […]