Problem #2 Sonia, Jill and Kerri had average capital balances of $220,000, $380,000 and $400,000 respectively during the current fiscal year. The partnership agreement provides for an allowance of 4% on the average capital balances and salary allowances of $45,000 for Sonia, $25,000 for Jill, and $50,000 for Kerri. Any remaining amount or deficit is to be allocated in a ratio of 2:2:4 for Sonja, Jill and Kerri respectively. Instructions: (a) (b) (c) Assuming net income for the year was $142,000 prepare a schedule indicating the specific elements which make up the division of net income amongst the partners Prepare the appropriate closing entry to reflect the division of income from part (a} Assuming net income for the year was $216,000 prepare a schedule indicating the specific elements which make up the division of net income amongst the partners Prepare the appropriate closing entry to reflect the division of income from part (c) (d)