8:47 E 97% Veda Storey and Gordon Rogers have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $29,400 to Storey and $40,600 to Rogers 2. An interest allowance of 5% on capital balances at the beginning of the year 3. The remainder to be divided between Storey and Rogers on a 2:3 basis The capital balances on January 1, 2021, for Storey and Rogers were $75,000 and $103,000, respectively. For the year ended December 31, 2021, the Sunland Partnership had sales of $336,000; cost of goods sold of $254,000; operating expenses of $129,000; V. Storey drawings of $23,300; and G. Rogers drawings of $30,300. 8:47 E 6.7% Prepare an income statement for Sunland Partnership for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) SUNLAND PARTNERSHIP Income Statement 8:47 E $7% SUNLAND PARTNERSHIP Income Statement 8:48 E 67% Prepare a schedule to show how the pront or loss will be allocated to the two partners. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) SUNLAND PARTNERSHIP Division of Loss V. Storey G. Rogers Total $ 8:48 6.7% Sallar y allowance V. Storey G. Rogers Total Deficiency remaining for allocation Interest allowance V. Storey G. Rogers Total 8:48 7% TOL Deficiency remaining for allocation Fixed ratio V. Storey G. Rogers Total Loss remaining for allocation Loss allocated to the partners 8:48 7% SUNLAND PARTNERSHIP Statement of Partners' Equity V. Storey G. Rogers Total $ 7 8:48 17% Prepare closing entries at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Cred Date Account Titles and Explanation Dec. 31 (To close revenue account.) Dec. 31 Add Canvas Student to Home screen 8:48 7% Dec. 31 (To close expense accounts.) Dec. 31 (To close Income Summary.) 8:48 S7% Dec. 31 (To close drawings accounts.) e Textbook and Media