The capital account balance on January 1, 2017, for Christine and Dave were $140,000 and $210,000. During 2017, Christine and Dave partnership had sales of $520,000, cost of goods sold of $180,000, and operating expenses of $46,000. Prepare a schedule which clearly sets out the division of income or loss to the partners for 2017.1. Since Christine will work only part time in the partnership, she will be allocated a salary allowance that is one half the salary allowance allocated to Dave. Dave's salary allowance will be 20% of sales. 2.Both partners will be given an interest allowance of 20% on their beginning of the year capital account balances. 3.The remaining income and loss is to be divided 40% to Christine and 60% to Dave.