Mark Wheeler and Heather Thomason form a partnership on January 3, 2020 Steve invested $75,000 and Heather invested $50,000. The company had a Net Income for the year ending December 31, 2020 of $150,000. Each partner is to receive 10% of their original investment Mark and Heather are to receive a salary allowance of $40,000 and $50,000, respectively. The remainder is to be divided as follows: 60% to Mark and 40% to Heather. Determine the amount of Net Income that Mark and Heather would receive. Required: Prepare the lower portion of the income statement showing the allocation of net income between Wheeler and Thomason for the year. Wheeler Thomason Total Net income Allocation of net income: Salary allowances Interest allowances Romaining Income Allocation of net income Using the information from the above problem, prepare a statement of partner's equity, showing each individual partner's equity for the year. Statement of Partners' Equity For Year Ended December 31, 20-1 Wheeler ololo 00 Thomason Tololo 00 Total ololo 00 Capital, January 1, 20-1 Additional investments during the year Not income for the year Withdrawals Capital, December 31, 20-1