John Michael, Nicholas Paschalis, and Dina Marie invested $9,600, $10,500, and $8,700, respectively. At the end of

Question:

John Michael, Nicholas Paschalis, and Dina Marie invested $9,600, $10,500, and $8,700, respectively. At the end of the first year, the company's net income was $72,000. Assuming no agreement was reached on how to share net income, prepare a journal entry at closing to allocate net income.