The partnership of Maria, Clara, and Rita was formed on January 2, 2013. The original investments...

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The partnership of Maria, Clara, and Rita was formed on January 2, 2013. The original investments were as follows: Maria Clara Rita P80,000 120,000 180,000 According to the partnership agreement, net income or loss will be divided among the respective partners as follows: 1. Salaries of P12,000 for Maria, P10,000 for Clara, and P8,000 for Rita. 2. Interest of 8 percent on the average capital balances of Maria, Clara and Rita during the year. 3. Remainder divided equally. Additional information: 1. Net income of the partnership for the year ended December 31, 2013, was P70,000. 2. Maria invested an additional P20,000 in the partnership on July 1, 2013. 3. Rita withdrew P30,000 from the partnership on October 1, 2013. 4. Maria, Clara, and Rita made regular drawings against shares of net income during the year of P10,000 each. Required: a. Prepare schedule showing the division of net income among the partners. b. Prepare a Statement of Changes in Partners' Equity on December 31, 2013. The partnership of Maria, Clara, and Rita was formed on January 2, 2013. The original investments were as follows: Maria Clara Rita P80,000 120,000 180,000 According to the partnership agreement, net income or loss will be divided among the respective partners as follows: 1. Salaries of P12,000 for Maria, P10,000 for Clara, and P8,000 for Rita. 2. Interest of 8 percent on the average capital balances of Maria, Clara and Rita during the year. 3. Remainder divided equally. Additional information: 1. Net income of the partnership for the year ended December 31, 2013, was P70,000. 2. Maria invested an additional P20,000 in the partnership on July 1, 2013. 3. Rita withdrew P30,000 from the partnership on October 1, 2013. 4. Maria, Clara, and Rita made regular drawings against shares of net income during the year of P10,000 each. Required: a. Prepare schedule showing the division of net income among the partners. b. Prepare a Statement of Changes in Partners' Equity on December 31, 2013.