Exercise 3 Mohamed& Ahmad Co. sales 46000, cost of goods sold 14000, selling and administrative expense 8000,Interest allowances are Mohamed$4,000 and Ahmad $6,000; partner salary allowances are Mohamed $7,000 and Ahmad $3,000 and the remainder is shared equally. Instructions Indicate the division of net income to each partner, and prepare the entry to distribute the net income. Solution EX3 Net income- (6 min.)