Question 4 Your answer is partially correct. Try again. Corraway and Boos have a partnership agrcement which includes the following provisions regarding sharing net income or net loss 1. A salary allowance of $48,000 to Carraway and $36,000 to Boos. 2. An interest allowance of 10% on capital balances at the beginning of the year 3. The remainder to be divided 60% to Carraway and 40% to Boos. The capital balance on lanuary 1, 2020, for Carraway and Boos was $90,000 and $120,000, respectively. During 2020, the Carraway and Boos Partnership had sales of $405,000, cost of goods sold of $290,000, and operating expenses of s8S,000 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. CARRAWAY AND BOOS PARTNERSHIP For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income/(Loss) Division of Net Income Carra Boos Total Salary allowance 3600 51600 Interest allowance 21000 Total salaries and interest 1S600 Remaining income 18960 47400 Total division 34560 120000 Click if you would like to Show Work for this question: Modify Show Work