QUESTION 3 PART 1 Tom Butcher, Smyth Andersen and Dedrie knight are partners in the law firm of LAW & Co, Attorneys-at-Law. They have agreed to share profits and losses in a ratio of 3:3:4, respectively. Their respective capital accounts show invested capital of $250,000, $150,000 and $300,000 at December 31, 2018. Salaries for the year were agreed at $50,000 for Butcher and Andersen with Knight receiving a salary of $60,000. Each partner is allowed a 5% return on their initial capital invested at the end of each year. TURN OVER EDLS - Law Office Management, Accounting and Technology May 2019 Examination 4 REQUIRED (i) Compute the share of net income for each partner in the firm where the firm earned a net income of $275,000 for the year. (ii) Prepare the journal entry necessary to close the income account