Graeme,Bella and Anne Are Partners with Capital Balances of $90,000,$70,000,and

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.
$\begin{array}{|l|r|r|r|r|}\hline & \text { Graeme } & \text { Bella } & \text { Anne } & \text { Total } \\\hline \text { Profit to be Divided } & & & & 220,000 \\\hline \text { Salary Allowance } & 7,000 & 8,000 & 14,000 & \\\hline \text { Interest Allowance } & 9,000 & 7,000 & 5,000 & 50,000 \\\hline \text { Profit Remaining } & & & & 170,000 \\\hline \text { Ratio } & 56,667 & 56,667 & 56,667 & \\\hline \text { Share of Profit } & 72,667 & 71,667 & 75,667 & \\\hline\end{array}$