Classwork: Partnerships: Meera, Mariam, Dana and Mouza have the following capital balances; $50,000, $60,000, S70,000 and $90,000 respectively at the beginning of 2018. Because of a cash shortage Meera and Mariam invests an additional $12,000 and $14,000 on June 14, 2018. Each partner withdraws $1,200 per month. Meera, Mariam, Dana and Mouza receive a salary of $10,000, $11,000, $13,000 and $15,000 respectively, for work done during the year. Each partner receives interest of 8% on that partner's beginning capital balance without regard to normal drawings. Any remaining profits are split 15%, 20%, 25% and 40% respectively. The net income for 2018 is $40,000. Required: a. Allocate the $40,000 income among the partners. Show your working. (20 marks) b. Determine the ending capital balances for each partner at December 31, 2018. Show your workings. (13 marks) c. Record the journal entry for the distribution of net income. (4 marks)