1. J and K are partners in Jake Co cach contributing $50,000 towards their capital. On March 31, 2018 the business reported the following: Sales turnover $900,000 Cost of goods sold $400,000 Operating Expenses $200,000 J and K are to be paid a salary of $3,000 and $2,000 per month respectively. Both the partners are to receive interest on capital 6% per annum. Kis to receive a bonus of $30,000 if sales exceeded 5600,000 in any year and J is to be paid a commission of 4% on all sales. There was no agreement regarding the sharing of profits between partners. The provisions of the Partnership Act were to be applied in this case. REQUIRED: Prepare a statement to show the distribution of income between the partners. [10 points) Determine the capital account balances of the partners on March 31, 2018 16 points)