1. Emmett and Sierra formed a partnership dividing income as follows:

1. Annual salary allowance to Emmett of $43,200
2. Interest of 8% on each partner's capital balance on January 1
3. Any remaining net income divided equally.

Emmett and Sierra had $30,200 and $133,200, respectively in their January 1 capital balances. Net income for the year was $220,000.

How much net income should be distributed to Emmett? $0

2. The dates of importance in connection with a cash dividend of $121,000 on a corporations common stock are January 15 and March 15.

Required:

Journalize the entries required on each date. If no entry is required, simply skip to the next transaction