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Prepare the closing entry to allocate the partnership profit if in 2024, the partnership reports profit of $65,400. Assume the partnership agreement calls for profit to be divided with a salary of $43,600 to Lee and $32,700 to Hall. Lee is allowed 5% of interest on her beginning capital, and the remainder is divided 60% -40%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Dec. 31 Income Summary M. Hall, Capital Z. Lee, Capital eTextbook and Media Debit 65400 Credit 26160 39240

Prepare the closingentry to allocate the partnership profit if in 2024 , the partnership reports profit of $65,400. Assume the partnership agreement calls for profit to be divided with a salary of $43,600 to Lee and $32,700 to Hall. Lee is allowed 5% of interest on her beginning copital, and the remainder is divided 60%40%. (Credit occount vitles are outomatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. On January 1,2024, the capital balances in Sunland Partnership are as follows: Netther parther hadany drawings in 2024

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