Current Attempt in Progress McGill and Smyth have capital balances on January 1 of $54,000 and $48,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $19,000 for McGill and $14,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (a) - Your answer is partially correct. (1) Prepare a schedule showing the distribution of net income, assuming net income is $74,000. (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 Total ING ng now Smyth 7:52 AM (4) Prepare a schedule showing the distribution of net income, assuming net income is $74,000. (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 Total Salary allowance 19000 14000 Interest allowance 5400 4800 Total salaries and interest 24400 18800 Remaining income/ deficiency 34720 16560 7 Total division of net 59120 income 35360 $ $ Smyth 10000 32000 12000 44000 51280 95280 @CO ENG 7:52 AM 5/31/2022 4 Prepare a schedule showing the distribution of net income, assuming net income is $26,000. (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 Total 19000 Salary allowance 14000 $ Interest allowance $400 4800 Total salaries and interest 24400 18800 Remaining income/ deficiency 1120 2160 Total division of net income 25520 20960 eTextbook and Media $ $ Smyth $ Attempts: 1 of Sused 32000 12000 44000 3280 47280 Srihmit Answer 3321 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.) No. Account Titles and Explanation Debit Credit 1. 2 eTextbook and Media 111