Ilustration: Sara King and Ray Lee are co-partners in the Kingslee Company. The partnership agreement provides for: (1) salary allowances of $8,400 to King and $6,000 to Lee, (2) interest allowances of 10% on capital balances at the beginning of the year, and (3) the remainder equally. Capital balances on January 1 were King $28,000, and Lee $24,000. In 2017, partnership net income is $22,000. The division of net income is as follows. Instructions (a) Prepare a schedule showing the distribution of net income. (b) Journalize the allocation of net income