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F. Calvert and G. Powers have capital balances on January 1 of $50,000 and $40 respectively. The partnership income-sharing agreement provides for (1) annual $20,000 for Calvert and $12,000 for Powers, (2) interest at 10% on beginning ca balances, and (3) remaining income or loss to be shared 60% by Calvert and 40% Powers. Prepare a schedule showing the distribution of net income, assuming net income $50,000 and (2) $36,000. (If amount should be deducted please put amount in parenthesis.) (1) F.Calvert Salary Allowance Interest allowance Total salaries and interest Remaining income Total division (2) F.Calvert Salary Allowance Interest allowance Total salaries and interest Remaining income Total division Journalize the allocation of net income in each of the situations debit/credit entries in descending order of amount.) Description/Account Debit Credit (1) (2)