Brief Exercise 12-04 Sunland Co. reports net income of $50,000. Partner salary allowances are Pitts $15,000, Filbert $4,000, and Witten $6,000. Indicate the division of net income to each partner, assuming the income ratio is 50: 20:30, respectively. Pitts Division of Net Income Filbert Witten Total Salary allowance i Remaining income Total division of net income Question Attempts: 0 of 8 used SAVE FOR LATER SUBMIT ANSWER Date Account Titles and Explanation Debit Credit : CALCULATOR FU CALCULATOR FULL SO CALCULATOR PULL SCREEN PRINTER VERSION BACK NEXT OURCES Problem 13-01A a-c (Part Level Submission) 3.02 Martinez Corporation was organized on January 1, 2020. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and $13,000 shares af no-per common stock with a stated value of $3 per share. The following stock transactions were completed during the first year bb Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share Man 1 Issued 4,300 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $84,500. May 1 Issued 76,000 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize Sept. 1 Issued 10,500 shares of common stock for cash at $7 per share Nov. 1 Issued 1,000 shares of preferred stock for cash at $112 per share 5(1) Journalize the transactions (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit