John Conway, Steve Barrett, and Mary Fitzpatrick invested $3,000, $12,600, and $14,400, respectively. At the end of

Question:

John Conway, Steve Barrett, and Mary Fitzpatrick invested $3,000, $12,600, and $14,400, respectively. At the end of the first year, the company’s net income was $48,000. Assuming no agreement was reached on how to share net income, prepare a journal entry at closing to allocate net income.