please answer all

Section B: Subjective Calculations (50 marks). Instructions: This section consists of THREE (3) questions. Answer ALL questions. Question 1 Sandy Kong and Rex Leong are partners in a business. The partnership agreement provides for (1) Salary allowances of $9,000 to Kong and $7,000 to Leong (2) Interest allowances of 10% on capital balances at the beginning of the year (3) The remaining income to be divided as follows: 1/3 to Kong and 2/3 to Leong. The partnership net income for year ended 31 December 2021 was $56,000. Capital balances on 1 January 2021 for Kong was $30,000 and for Leong was $20,000. Liabilities of the partnership on 31 December 2021 was $110,000 The drawings by the partner during year ended 31 December 2021: Kong: $4,000 Leong: $9,000 Required: (a) Prepare a statement to show how the net income would be distributed to the two partners. (8 marks) (b) Prepare a journal entry to record the division of net income. (2 marks) (c) Prepare each partner's capital statement for year ended 31 December 2021. (6 marks) (d) Prepare the extracts of Balance Sheet of the partnership on 31 December 2021, showing the total liabilities and owner's equity (4 marks) (Total: 20 marks)