McGill and Smyth have capital balances on January 1 of $60,000 and 531,000 respectively. The partnership income-sharing agreement provides for I annual salaries of $25.000 for MrGarand $15.000 for Smyth, (2interest at 125 on beginning capital balances, and (3) remaining Income or loss to be shared cox by McGilland 40% by Smyth (a) (11 Prepare a schedule showing the distribution of vet income, assuming net income is $56,000. Of an amount reduces the account balance then enter with a negative sin preceding the number of parenthesis.es -15,000. (15,0001) DIVISION OF NET INCOME McGill Smyth Total Salary allowance Intorsstowance Total and interest Remaining in Tot dion of incom Journalist the allocation of net income in each of the situations above Credit accountities are automatically indented when amount is entered Donat indent manually Record entries in the order presented in the previous part Debit Credit No Account Tities and Explanation 1