Layout References Mailings Review View Help Headings 13 xx P AaA A t > !!! lili Le Styles Editing Dictate Sensitivity Editor Reuse Files HH V T Paragraph Styles Voice Sensitivity Editor Reuse Files Question 2: Hamad and Hadi are co-partners in the Nile Company. According to The partnership agreement the division of net income is 30%: 70% respectively Capital balances on January 1, 2019 were Hamad $40,000, and Hadi $60,000. The net income for 2019 is $30,000. Drawings during the year were Hamad $4,000, and Hadi $5,000. Required: Journalize the allocation of net income. (a) (b) prepare the equity statement. Total profit for each partner The journal entry to record profit distribution: Date Dec. 31 The equity statement Date Capital balance on Jan. 1, 2019 add: net income less: drawings Capital balance on Dec. 31, 2019 Hamad Magdy Total Debit Credit Hamad Magdy Total