T & U form a partnership with initial investments of $$100,000$ and $$200,000$ respectively. Their agreement calls for a salary to T of $$40,000$ and a salary to U for $$60,000.$ Each partner is to receive interest of $10\%$ on their initial investment and they agree the remaining profit or loss is to be divided equally. The net income for the period is $$230,000.1.$ Prepare work papers to distribute net income to partners according to provisions in agreement using priority system. $2.$ Prepare journal entry to record distribution to partners capital accounts.