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Solve it Step by step.Thank you. Partnership 1. Rachel, Jenna and Lauren are partners...

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Accounting

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Solve it Step by step.Thank you.

Partnership 1. Rachel, Jenna and Lauren are partners with capital balances of $80,000, $10,000, and $10,000, respectively. Profit for the year is $150,000. Prepare the necessary journal entries to close Income Summary to the capital accounts if:(a) The partners agree to divide income based on their beginning-of-year capital balances.(b) The partners agree to divide income based on the ratio of 5:3:2, respectively.C) The partnership agreement is silent as to division of income. 2. Graeme, Bella and Anne are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to Graeme, $8,000 to Bella and $14,000 to Anne. Interest allowances of 10% on beginning-of-year capital balances Balance to be divided equally. If profit for the year is $220,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts

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