accounts show the end of its first year of operations on December $31,2019,$ SHB Company's

The capital balance represents each partner's initial capital investment. Therefore, net income or

net loss for $2019$ has not been closed to the partners' capital accounts.

Required:

$($a$)$ Fill the $x,Y($including $5$ digits$)$ respectively

$($b$)$ Journalize the entry to record the division of net income for $2019$ under each of the independent

assumptions shown on the next page.

$(1)$ Net income is $$80,000.$ Income is shared $5$:$3$:$2.$

$(2)$ Net income is $$35,000.$ Staal and Harris are given salary allowances of $$15,000$ and

$$10,000,$ respectively. The remainder is shared equally.

$($c$)$ Prepare a schedule showing the division of net income under assumption $(2)$ above.

$($d$)$ Prepare a partners' capital statement for the year under assumption $(2)$ above.