Frontenac Company reported net income of $88,600. The partnership agreement provides for salaries of $24,100 to Miley and $19,700 to Guthrie. They divide the remainder 33% to Miley and 67% to Guthrie.

Calculate division of net income.

		Miley		Guthrie
Division of net income		$		$

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Prepare the closing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Miley, Capital Income Summary Net Income Miley, Drawings Cash Guthrie, Drawings Guthrie, Capital Accounts Receivable Accounts Payable
Miley, Drawings Cash Net Income Accounts Payable Guthrie, Drawings Income Summary Miley, Capital Guthrie, Capital Accounts Receivable
Guthrie, Drawings Cash Miley, Capital Miley, Drawings Income Summary Guthrie, Capital Accounts Receivable Net Income Accounts Payable