McGill and Smyth have capital balances on January 1 of 541,000 and $48,000, respectively. The partnership income-sharing agreement provides for (1) annual salanes Of IV $11,000 for Smyth, (2) interest at 11% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGilland 30% by Smyth. () (1) Prepare a schedule showing the distribution of net income, assuming net income is $74,000(Tan amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, .-15,000, (15,000).) DIVISION OF NET INCOME McGill Smyth Total Swary allowance Interestwowano Total salaries and interest Remaining income/honey Total dildon of net income perhehowing the distribution of net income, anumang net income is $27,000. (tran amount reduces the account balance then ster with a negative sin preceding the number or parenthesis...-15.000 (15,000).) DIVISION OF NET INCOME McGHII Smyth Total Salary allowance Tatare allowance Tot alles and we Remaining inom deficiency MacBook Air