Flag question Problem Solving:(0+ & 6) On January 1, 2017, Flores, Gilroy and Hansen began a partnership in which Flores and Hansen contributed cash of $25.000 Gilroy contribute property with a fair value of $50,000 and a tax basis $40,000. Gilroy receives a 5% bonus of partnership income. Flores and Hansen receive salaries of $10,000 each. The partnership agreement of Flores, Gilroy and Hansen provides all partners to receive a 5% interest on capital and that profits and losses of the remaining income be distributed to Flores, Gilroy, and Hansen by a 1:3:1 ratio. Required: 1. Prepare a schedule to distribute $25,000 of partnership net income to the partners. 2. Prepare a journal entry to distribute the partnership's income to the partners (assume that an Income Summary account is used by the partnership). B / SE