ent CALCULATOR PRINTER VERSION 4 BACK NEXT Brief Exercise 162 The Fig & Olive Co. reports net income of $24,000. Interest allowances are Fig $3,000 and Olive $5,000; partner salary allowances are Fig $18,000 and Olive $10,000 and the remainder is shared equally Indicate the division of net income to each partner. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000)) Division of Net Income Fig Olive Total Salary allowance $ $ $ Interest allowance on partners' capital Total salaries and interest Remaining income Total division of net income $ $ Prepare the entry to distribute the net income. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit x 00