McGill and Smyth have capital balances on January 1 of $57,000 and $43,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,000 for McGill and $11,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. Your answer is correct. (1) Prepare a schedule showing the distribution of net income, assuming net income is $72,000, (If an amount reduces the account balance then enter with a negatlve sign precedlng the number of parenthesis, e.g. 15,000,(15,000).) Prepare a schedule showing the distribution of net income, assuming net income is $27,000. (If an amount reduces the account balance then enter with a negatlve sign precedlng the number or parenthesls, e.g. 15,000,(15,000).) Journalize the allocation of net income in each of the situations above. (Credlt account titles are automatically Indented when amount Is entered. Do not Indent manually. Record entrles in the order presented In the prevlous part.)