Anderchek and Aleez are partners in a small business. Their partnership agreement states that net income is divided based on annual salaries of $20 000 for Anderchek and $25 000 for Aleez, and an income ratio of 3:2. Calculate the net income allocation and record the journal entry, based on the following unrelated situations:

(a) net income of $200 000

(b) net loss of $4 000.

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K22 X V A B C D E F G H J K General Journal Page CALCULATIONS W N Date Particulars Debit Credit (a) Anderchek Aleez Total a) Income Ratio + Net Income Income Distribution Salary 00 Net Income allocated PRIOR to ratio application b) Net Income to be allocated based on income ratio Share of income based on income ratio 10 Total allocation of net income 11 12 (b) Andercheck Aleez Total 13 Income Ratio 14 Net Loss 15 Income Distribution 16 Salary 17 Net Income allocated PRIOR to ratio application 18 Net Income to be allocated based on income ratio 19 Share of income based on income ratio 20 Total allocation of net income 21 22 23 24