Part 2 Peele and Rigg organized the PR Partnership on January 1, 2019. The following entries were made into their capital accounts during 2019 (PR does not use separate drawing accounts to record partners' withdrawals): Peele Debits 1/1 4/1 10/1 Credits 20,000 5,000 5,000 Rigg 40,000 1/1 3/1 9/1 11/1 10,000 10,000 10,000 The partnership agreement called for the following in the allocation of partnership profits and losses: Salaries of $48,000 and $36,000 will be allocated to Peele and Rigg, respectively Interest of 8% on average capital balances will be allocated Rigg will receive a bonus of 10% on all partnership billings in excess of $300,000 Any remaining profits/losses will be allocated 60/40 to Peele and Rigg, respectively. Required: 1. USING THE NEXT PAGE, determine the distribution of partnership net income. Assume the following priority of allocation: interest, bonus, salaries, then remaining income. Also, assume partnership income was $85,000 and partnership billings amounted to $400,000. 2. Prepare the journal entry to record the allocation of the partnership's net income