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Problem 1 (12 points) 26. Carraway and Boos have a partnership agreement which includes the following provisions regarding sharing net income or net loss: A salary allowance of $48,000 to Carraway and $36,000 to Boos. N 3 . An interest allowance of 10% on capital balances at the beginning of the year. The remainder to be divided 60% to Carraway and 40% to Boos. The capital balance on January 1, 2020, for Carraway and Boos was $90,000 and $120,000, respectively. During 2020, the Carraway and Boos Partnership had sales of $495,000, cost of goods sold of $290,000, and operating expenses of $85,000. Instructions Prepare an income statement for the Carraway and Boos Partnership for the year ended December 31, 2020. As a part of the income statement, include a Division of Net Income to each of the partners