Hope & Crosby Co. reports net income of $45,000. The partnership agreement provides for annual salaries of $29,000 for Hope and $20,000 for Crosby and interest allowances of $6,000 to Hope and $5,000 to Crosby. Any remaining income or loss is to be shared 70% by Hope and 30% by Crosby. Instructions: Part 1: Compute the amount of net income distributed to each partner. HINT: Set up a table to show your work. Part 2: Prepare the journal entry to allocate the income to the partners