Add Category Insert Table Chart Text Shape Media View Zoom 02 2 Prepare schedule showing dlistribution of net income and closing entry IBONUS closing entry (BONUS & POINTS McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. he partnership income-sharing McGil and S 13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. agreement provides for (1) annual salaries of $22,000 for Instructions (a) Prepare a schedule showing the distribution of net income, assuming net income is (1) $50,000 and (2) $36,000. (b) Journalize the allocation of net income in each of the situations above. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a 2" DIVISION OF NET INCOME McGill Smyth Total Value Salary allowance Interest allowance Total interest Total salaries and interest Remaining income Smyth Total remainder Total division of net income DIVISION OF NET INCOME McGill Smyth Total Value 30 2 4 6 8 9