At the end of its first year of operations, December 31, 2014, ZYX Companys unadjusted accounts show the following: (Partner) A. Applebaum - Drawings: $23000 - Capital $50000 (Partner) B. Butterscott - Drawings: $14000 - Capital $30000 (Partner) C. Copperfeld - Drawings: $10000 - Capital $20000 The capital balance above represents each partners capital initial capital investment. No closing entries have been recorded for net come (loss) or drawings as yet. (A) journalize the entry to record the division of net income for the year ended Dec. 31, 2014 under each of the following independent assumptions: (1) Net income is shared on the ration of their initial investments. Net income is $47000. (2) Net income is $34000. Butterscott and Copperfeld are given salary allowances of $15000 and $10000 respectively. The remainder is shared equally. (3) Net income of $23000. Each partner is allowed interest of 5% on beginning capital balances. Copperfeld is given a $15000 salary allowance. The remainder is shared equally. (B) Journalize the entry to close each partners drawings account.

(C) Prepare a statement of partners equity for the year end under assumption #3 in part (A) above.