i tried to do b and c by myself but i dont think this is right

need corrections for both

do the problem with the help of 3(a)

DIVISION OF NET INCOME Total Riles KinderCrifui $20,000 $20,000 Salary allowance Interest allowance on capital Riles $4,000 $2.500 Kinder $1,500 Crifui Total interest 1,500 28,000 Total salaries and interest Remaining income Riles 2,500 24,000 $2,000 2,000 Kinder Crifui $2,000 $6,000 Total remainder Total division of net income 22,000500 8 79 (c) 80 RKC COMPANY Partners Capital Statement For the Year Ended December 31,2014 82 Riles KinderCrifui Total 83 soSO RRRHEGs Capital, Jan 1 26,0004,500 84 Add: Net Income 3,500 34,000 85 26,0004,5003,500 34,000 5,00020,000 86 Less: Drawings Capital, December 31 ,000 4,500 3,500 14,000 tement 5 At the end of its first year of operations on December 31, 2014, RKC Company's accounts show the following. Drawin tal 15,000 10,000 $40,000 25,000 10 Crifu 5,000 15,000 11 The capital balance represents each partner's capital investment. Therefore, net income or net loss for 12 2014 has not been closed to the partners capital accounts 13 14 Instructions 15 Journalize the entry to record the division of net income for 2014 under each of the independent 16 assumptions shown below (1) Net income is $50,000, Income is shared 5:3:2. (2) Net income is $43,000. Riles and Kinder are given salary allowances of $15,000 and $10,000 respectively. The remainder is shared equally. ) Net income is $34,000. Each partner is allowed interest of 10% on beginning capital balances. Riles is gliven a $20,000 salary allowance. The remainder is shared equally. Prepare a schedule showing the division of net income under assumption (3) above. Prepare a partners capital statement for the year under assumption (3) above 17 18 19 20 21 24 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a T 25 26 27 (a1 income Summary 50,000 Formatted 11,000 Insert ViewZoom P12-2B INnue 6,000 To each partner 38 43,000 39 Step 2 Income Summary 21,000 16,000 Riles, Capital (15,000+6,000) Kinder, Capital (10,000+ 6,000) Crifui, Capital 40 41 6,000 42 43 34,000 44 (a)(3) Net Income 45 Interest allowance 4,000 | 2,500 1,500 8 Rice (40,000 10%)4 Kinder (25,000 . 10%) Crifui (15,000. 10%) 46 Step 1 47 8,000 48 26,000 20,000 Balance 49 Salary allowance Remainder 50 6,000 51 2,000 52 53 54 To each partner 34,000 I 55 Step 2 Income Summary 26,000 4,500 3.500 Riles, Capital (4,000-20,000+2,000) Kinder, Capital (2,500 +2,000) Crifui, Capital (1,500 2,000) 56 57 58 59 60 61 (b) DIVISION OF NET INCOME Riles Kinder Crifu 62 $20,000 63 Salary allowance Interest allowance on capital 64 Formatted 11,000