PharoahCompany reported net income of $89,300. The partnership agreement provides for salaries of $24,700to Miley and $18,400to Guthrie. They divide the remainder37% to Miley and63% to Guthrie.

Calculate division of net income.

Miley Guthrie

Division of net income $ 41794 $47506

Prepare the closing entry.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

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