Question 6: (12 marks) Smith and Olson have a partnership agreement which includes the following provisions regarding sharing net income or net loss (a) A salary allowance of $30,000 to Smith and $15,000 to Olson. (b) An interest allowance of 10% on capital balances at the beginning of the year. (c) The remainder to be divided 60% to Smith and 40% to Olson. The capital balances on January 1, 2021, for Smith and Olson were $80,000 and $100,000, respectively. During 2021, the Smith and Olson Merchandising Partnership had sales of $330,000, cost of goods sold of $190,000, and operating expenses of $60,000 Required: (1) Prepare an income statement for the Brewer and Tony Merchandising Partnership for the year ended December 31, 2021. (2) Prepare a schedule showing Division of Net Income to each of the partners for the year ended December 31, 2021. (3) Provide the closing entry to record the allocation of net income