Peter Paul and Mary are partners. their partnership agreement calls for distribution on income to be done as follows. 1) Salaries for peter, Paul and Mary are $10,000 , $20,000 and $25,000 respectively. 2. 10% interest on all average capital balances. Peter's capital balance was $100,000, Paul's was $40,000 and Marys was $50,000. 3. The reminder was divided on a 2:1:1 ratio. Required 1. prepare a schedule of the distribution of income assuming that net income was $110,000 in 2016 2. prepare a schedule of the distribution of "income" assuming that there was a net loss of $20,000 in 2016.