Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $20,400 cash, and Nichols contributes $14.000 cash and equipment having a book value of $4,352. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $5,440. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Tities and Explanation e Textbook and Media Attempts: unlimited Submit Answer Journalize the allocation of net income in each of the situations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the previous part.) Debit Credit No. Account Titles and Explanation 1. 2. (2) Prepare a schedule showing the distribution of net income, assuming net income is $20,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g.-15,000,(15,000).) DIVISION OF NET INCOME McGill Smyth Total $ Salary allowance Interest allowance Total salaries and interest Remaining income/ deficiency Total division of net income $ $