PLEASE BE SURE TO USE COMPUTER AND NOT PEN AND PAPER

4:34 Q Aa D Excel E12.4 (LO 2) McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 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. Prepare schedule showing distribution of net income and closing entry Instructions a. Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and 12-33 of 1404 4:34 Q Aa $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 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 Prepare schedule showing distribution of net income and closing entry Instructions a. Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000 b. Journalize the allocation of net income in each of the situations above. 12-33 of 1404