The ABC Partnership has the following revenues and expenses forthe past year: Sales $430,000 Cost of

The ABC Partnership has the following revenues and expenses forthe past year: Sales $430,000 Cost of Goods Sold 218,000 Gross Profit 212,000 Operating Expenses 142,000 Net Income $70,000 The three owners are Albert, Bob, and Clay. Their capitalaccounts at the beginning of the year were as follows: Albert $30,000 Bob 20,000 Clay 50,000 Albert invested an additional $5,000 in the business on june30th. During the year the three partners each withdrew thefollowing amounts: Albert $12,000 Bob 18,000 Clay 24,000 The three partners have agreed to divide profits and losses asfollows:(1) Salary of $20,000 to Albert, $15,000 to Bob, and$13,000 to Clay; (2) Interest of 10% on the beginningcapital balance for each partner; remainder divided in a3:3:5 ratio. Required: Determine the amount of profit thatis allocated to each partner. Prepare the journal entry to closeincome summary and the withdrawal accounts. What is the endingcapital balances for each partner after all temporary accounts havebeen closed out. . . .