Cook, Jing, and Schwartz formed the CJS Partnership by making investments of $144,000, $216,000, and $120,000, respectively. They predict annual partnership net income of $240,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $40,000 to Cook, $30,000 to Jing, and $80,000 to Schwartz; inter- est allowances of 12% on their initial capital investments; and the remaining balance shared equally. Required 1. Prepare a table with the following column headings. Use the table to show how to distribute net income of $240,000 for the calendar year under each of the alternative plans being considered. Income (Loss) Sharing Plan Calculations Cook Jing Schwartz Total 2. Prepare a statement of partners' equity showing the allocation of income to the partners assuming they agree to use plan (c); that income earned is $87,600; and that Cook, Jing, and Schwartz withdraw $18,000, $38,000, and $24,000, respectively, at year-end. 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan c and that net income is $87,600. Also close the withdrawals accounts