sonia ,jill and kerri had an average capital balances of 220000,380000,and 400000 respectively during the current fiscal year.

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}