Instructions: (a) If net income for the year is $70,000, Calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the Capital accounts. (b) If there is a net income for the year of $25,000, Calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts.

1. Khalid, Dina, and Heidi are partners with capital balances ofs100,000, ss0,000, and S40,000, respectively. The partners agreed to share profits and losses as follows Salary allowances of $5,000 to Khalid, $10,000 to Dina, and $15,000 to Heidi. interest allowances of 10% on beginning-of-year capital balances Balance to be divided equally. a. If net income for the year is $70,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts. b. If there is a net income for the year of S25,000, calculate each partne's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts. PR Debit Credit Account Title Page 1