IT View Policies Show Attempt History Current Attempt in Progress McGill and Smyth have capital balances on January 1 of $ 57,000 and $ 47,000, respectively. The partnership Income-sharing agreement provides for (1) annual salaries of $ 16,000 for McGill and $ 13,000 for Smyth (2) Interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth, (a) Your answer is correct Prepare a schedule showing the distribution of net income, assuming net income is $84,000. (If an amount reduces the account balance then enter with a negative si preceding the number of parenthesis 63.-15,000, (15,0001) 121 Prepare a schedule showing the distribution of net income, assuming net income is $30,000. (If an amount reduces the account balance then enter with a negative si preceding the number of parenthesis of -15,000, (15,0001) DIVISION OF NET INCOME Smyth McGm Total Salary allowance 16000 13000 29000 Interest allowance 5700 4700 10400 Totalcars and interest 21700 17200 39400 Remaining income dendency (3760) 194001 (b) Journalize the allocation of net income in each of the situations above. (Credit account tities are automatically Indented when amount Is entered. Do not Indent manually. Record entries in the order presented in the previous part) No. Account Titles and Explanation Debit Credit