15 pts Question 1 1. Archie (beginning capital, $85,000) and Cheryl (beginning capital $115,000) are partners. During 2019 the partnership earned net income of $108,000. Archie made drawings of $17,000 while Cheryl made drawings of $30,000. Instructions Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Archie and $25,000 to Cheryl, interest of 10% on beginning capital, and the remainder divided 60%-40%. Prepare a schedule of the income allocation to each partner. - Prepare the journal entry to record the allocation of net in 3. Compute each partners' ending capital balances (show your calculation) HTML Editor