McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership Income- sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 4096 by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net Income Is $50,000. ( an amount reduces the account balance then enter wlth a negative sign preceding the number or parenthesls, a.g.-15,000, (15,000).) DIVISION OF NET INCOME McGill Smyth Total Salary allowance Interest allowance Total salaries and interest Remaining income/deficiency Total division of net income 17000 s0000 $19400 (2) Prepare a schedule showing the distribution of net income, assuming net income is $36,000. ( an amount reduce the account balance then enter with a negative sign preceding the number or parenthesis, e.g. -15,000, (15,000).) DIVISION OF NET INCOME McGill Smyth Total Salary allowance Interest allowance Total salaries and interest Remaining income / deficiency Total division of net income ournalize the allocation of net income in each of the situations above. (Credit account tities are automatically 1 MacBook Pro