2 Question 23 of 31 - / 10 III View Policies Current Attempt in Progress Jose and Jack have a partnership agreement which includes the following provisions regarding sharing net income or net loss A salary allowance of 47.800 to Jose and $35 400 to Jack An interest allowance of 10% on capital balances at the beginning of the year The remainder to be divided 70% to Jose and 308 to Jack 1 2 3 The capital balance on January 1, 2020, for Jose and Jack was $105,000 and $131.000, respectively. During 2020, the Jose and Jack Partnership had sales af 5507.000. cast of goods sold of $280,000, and operating expenses of $88,500 Prepare an income statement for the Jose and Jack Partnership for the year ended December 31, 2020 As a part of the income statement include a Division of Net Income to each of the partners JOSE AND JACK PARTNERSHIP Income Statement