McGill and Smyth have capital balances on January. $1$ of $$44,000$ and $$47,000,$ respectively. The partnership income$-$sharing agreement provides for $(1)$ annual salaries of $$15,000$ for McGill and $$12,000$ 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$)$

Your answer is partially correct.

$(1)$

Prepare a schedule showing the distribution of net income, assuming net income is $$65,000.($If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, eg$.15,000,(15,000))$

DIYISIONOF NET INCONE

$q,$

$9$ Salary allowance

Interest allowance

Total salaries and interest

Remainingincome deficiency

Thintatistow of net

$q,$

$ $$

$$

$$

$$

$q,$

$$

$q,$

$q,$

$$

$$

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