Enter K L To reduce tisk of seriaus iejury,read Guide provided wih product and at Shift 11-18 12-14 EXERCISES EX. 12-1 (S.o. 3) A partnership agreement between W. Chamberlain and B. Russell provides for (1) salary allowances of $36,000 to Chamberlain and $35,500 to Russell, (2) interest allowances of 10% on beginning capital balances, and (3) remaining income or loss is to be divided equally. The beginning capital balances are Chamberlain $76,000 and Russell $54,000, and net income is $90,000 Instructions (a) Prepare a schedule for the division of net income. (b) Record the closing entry to transfer the net income to the partners' capital accounts Division of Net Income Total Salary allowance Interest allowance Total interest Total salaries and interest Remaining income Chamberlain Total remainder