Mcgill and Smyth have capital balances on January 1 of $60,000 and $31000 respectively. The partnership income-sharing agreement provides for 1 annual salaries of $25000 for McGill and $15000 for Smyth, interest at %11 on beginning capital balances, and 3 remaining income or loss to be shared %60 by McGill and 40% by Smyth

Journalize the allocation of net income in each of the situations above