B. Distribution of Profit of a Company (25 points) New Jersey and New York have beginning capital balances of $ 60,000 and $ 90,000, respectively. The partnership contract provides that the net profit It will be distributed as follows: $ 36,000 Salary Allowance for New Jersey and $ 30,000 for New York. Interest of 12% based on capital balances (Interest Allowance) at the beginning of the your Any excess will be distributed equally. to b C Instructions: (1) Show the amount of profit each partner will receive if the net profit (Net Income) for the year ended December 31, 20XX was $ 100,000. Use the following format: New Jersey New York Total Surplus $ 100,000 Net Income: Salary allowances Interest Allowances Equal Allocation Total (2) Record the distribution of profit that each of the partners "New Jersey" and "New York' will receive at fih of the year. Date Description Debit Credit