Jane McDonald and Dave Ward's partnership agreement provided a salary allowance of $60,000 and $50,000 to each partner, respectively, with any remaining net income to be divided equally. During the year, both partners withdrew $4,000 per month.

a. Determine the division of $160,000 net income for the year.

b. Provide journal entries to close (1) the Income Summary account and (2) the with- drawals accounts for the two partners.