McGill and Smyth have capital balances on January 1 of $53,000 and $34,000, respectively. The partnership income-sharing agreernent provides for (1) annual salaries of $16,000 for McGill and $17,000 for Smyth, (2) interest at 10\% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (a) (1) Prepare a schedule showing the distribution of net income, assuming net income is $66,000. (If an amount reduces the account balance then enter with o negative sign preceding the number or parenthesis, e.g, 15,000,(15,000). Prepare a schedule showing the distribution of net income, assuming net income is $66,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or 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 negative sign preceding the number or parenthesis, eg. 15,000,(15,000)