Exercise 4. C & P Rentals had total Revenues of $ 80,000 and total Expenses of $ 30,000 for the year ending respectively. In the partnership agreement, the income-sharing provides for (1) annual salaries of $20,000 for April 30, 20X1. Partners Calvert and Powers have capital balances on May 1, 20X0 of $50,000 and $40,000, Calvert and $12,000 for Powers, (2) Interest of 10% on the partners beginning balance that period, and (3) any remaining amount (negative or positive) is to be shared 60% to Calvert and 40% to Powers. 1)(a) Show your calculation to divide the partnership Income. (b) Show the 1st Closing entry to close the I/S accounts and divide the Net Income to the partners. (Hint: If you haven't done the Handout & Audio for this chapter you might want to do that before you attempt this.) If (c) Calvert had with withdrawn $24,000 this year and Powers $12,000, please show the 2nd Closing Entry. (d) Please prepare the Statement of Partners' Equity for this year (April 30, 20X1). (a) Distribute $50,000 of Net Income between the Partners: Divide the NI according to the Salary Allowances Calvert Powers Total Divide the NI according to Interest Allocation Divide the remainder according to the %ages Totals (b) Remember the Closing Entries from Chapter 4. Show the first Closing Entry for the Partnership. (b)