2015 January 1 - McNabb joins the partnership by contributing $46000 in cash. A new partnership agreement is drawn up. Brady, Manning and McNabb agree to salaries of $5000 for each partner and a 5:4:3 income ratio. December 31 - The business recorded a net income of $30000. Brady had drawings of $20000 and Manning had drawings of $4000. a) Record the entry to admit the new partner into the business. b) Record the entry to allocate the net income to the partners' capital accounts. c) Prepare a Statement of Partners' Equity for 2015. 2015 Income Ratio 5:4:3 Net Income Income Distribution Salary Net Income allocated PRIOR to ratio application Net Income to be allocated based on income ratio Share of income based on income ratio Total allocation of net income