Journalize divisions of niet in exme and prepare a parmers' capital stemme 22-25 At the end of its first year of operations on December 31, 2008, the RAF Company's accounts show the following, Partner Drawings Capital J. Rene $12.000 $33.000 L. Agaistine 9.000 20,000 J. Fritz 4.000 10.000 The capital walance represents caca partner's initial capital investment. Therefore, net income or net loss for 2008 has not been close to the partners capital accounts. Instructions (a) Journalize the entry to record the division of net income for 2008 under each of the follow- ing inde rendent assumptions, (1) Ner income is $40,000. Income is shared 53:2. (2) Net Ercome is $30,000. Reno and Augustine are given salary allowances of $11,000 and $10,000. respectively. The remainder is share equally. (3) Nct income is $27.000. Viach partne is allowed interest of 10% un beginning capital hal ances. Reno is given an $:8.000 salary allowance. The remainder is shared equally. (b) Prepare a schedule showing the division of net ir.come under assumption (3) above. (6) Prepare a partners' capital statement for the year under assumption (3) above