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Prepare an income statement for Sheridan Partnership for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SHERIDAN PARTNERSHIP Income Statement Year Ended December 31, 2021 Sales 337000 Cost of Goods Sold 250000 Gross Profit / (Loss) 87000 Operating Expenses v 132000 i Profit / (Loss) $ 45000\fV. Storey G. Rogers Loss to i $ $ Salary allowance V. Storey 29500 i G. Rogers 39500 Total i Deficiency remaining for allocation i i Interest allowance V. Storey 4560 G. Rogers 5760 Total Deficiency remaining for allocation Fixed ratio V. Storey 49728 G. Rogers 74592 Total Loss remaining for allocation Loss allocated to the partners $ 15668 $ 29332 $Prepare cIosing entries at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 3 1 Sales V 337000 Income Summary V 337000 To close revenue account.) Dec. 31 Income Summary V | 382000 | Cost of Goods Sold V 250000 Operating Expenses V 132000 To close expense accounts.) Dec. 3 1 V. Storey, Capital V l G. Rogers, Capital V Income Summary V To close Income Summary.) Dec. 3 1 V. Storey, Capital V G. Rogers, Capital V V. Storey, Drawings V I l 6. Rogers, Drawings V l l (To close drawings accounts.) r Veda Storey and Gordon Rogers have a partnership agreement with the following provisions for sharing prot or loss: 1. A salary allowance of $29,500 to Storey and $39,500 to Rogers 2. An interest allowance of 6% on capital balances at the beginning of the year 3. The remainder to be divided between Storey and Rogers on a 2:3 basis The capital balances on January 1, 2021, for Storey and Rogers were $76,000 and $96,000, respectively. For the year ended December 31, 2021, the Sheridan Partnership had sales of $337,000; cost of goods sold of $250,000; operating expenses of $132,000; V. Storey drawings of $23,000; and G. Rogers drawings of $31,400