Holden, Phillips, and Rogers are partners with beginning-year capital balances of $ 120,000, 560,000, and $60,000, respectively

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Holden, Phillips, and Rogers are partners with beginning-year capital balances of $ 120,000, 560,000, and $60,000, respectively. Partnership net income for the year is $84,000. Make the necessary journal entry to close Income Summary to the capital accounts if:

(a) Partners agree to divide income based on their beginning-year capital balances.

(b) Partners agree to divide income based on the ratio of 5:3:2 (Holden:Phillips:Rogers), respectively.

(c) Partnership agreement is silent as to division of income and less.