Question $12$ of $13$

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The Fig & Olive Co$.$ reports net income of $$24,700.$ Interest allowances are Fig $$3,600$ and Olive $$5,900$; partner salary allowances are Fig $$19,300$ and Olive $$10,900$ and the remainder is shared equally.

Indicate the division of net income to each partner. $($If an amount reduces the account balance then enter with a negative sign preceding the number e$.$g$.-15,000$ or parentheses e$.$g$.(15,000).)$

Prepare the entry to distribute the net income. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit