QUESTION 8 Total Marks 10 Ariel, Brett, and Carson are best friends. They decided to form a partnership to provide accounting services. All partners agreed to share the prots of the business in the following manner: Each partner is allowed 10% interest on ending capital balances. Ariel is given a $16,000 salary allowance and the remainder of the profit or loss is shared equally. At the end of the first year of operation, the accounting records showed partners' drawing and capital accounts as follows: Ariel's Drawings $54,400 and Capital $174,400; Brett's Drawings $69,600 and Capital $129,600; and Carson's Drawings $49,000 and Capital $129,000. In addition, the partnership earned a net income of $90,000. Required: a) Prepare a table showing the division of net income among the partners. (4 marks) b) Prepare journal entries to record the division of net income by using method 1. (6 marks)