Sheffield.com sold 7300 units of its product for $570 each during the year ending December 31, 2022. The selling price includes a one- year warranty on parts. It is expected that 25% of the units will be defective and that repair costs will average $50 per unit. In the year of sale, warranty contracts are honored on 100 units for a total cost of $5000. What amount should be reported on Sheffield.com's balance sheet as Warranty Liability on December 31, 2022? McGill and Smyth have capital balances on January 1 of $48,000 and $44,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $15,000 for McGill and $15,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by McGill and 40% by Smyth. (a) (1) Prepare a schedule showing the distribution of net income, assuming net income is $81,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g.-15,000, (15,000).) Salary allowance Interest allowance Total salaries and interest Remaining income/ deficiency Total division of net Income $ $ McGill DIVISION OF NET INCOME $ Smyth Total (2) Prepare a schedule showing the distribution of net income, assuming net income is $27,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g.-15,000, (15,000).)