Johnson & Bosh have capital balances on January 1 of $80,000 and $60,000 respectively. The partnership agreement provides for (1) annual salaries of $25,000 for Johnson and $15,000 for Bosh, (2) interest allowance of 20% on capital balances, and (3) any remaining income or loss is to be shared 60% by Johnson and 40% by Bosh. Instructions: a) Prepare a schedule showing the distribution of net income for the partners assuming the partnership had net b) Prepare the closing entries for the division of net income. Note: Write clearly and use proper labels [do not needed to allocate salary and interest allowance to partners. Do not simply show calculated amounts DIVISION OF NET INCOME income of $72,000. abbreviate]. To earn full credit, you must show all the steps using appropriate levels and calculations as NI- Johnson Bosh Total General Journal J1 Date Account Titles and Explanation Ref. Debit Credit