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The Fig & Olive Co. reports net income of $26,000. Interest allowances are Fig $3,200 and Olive $5,400; partner salary allowances are Fig $19.200 and

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The Fig & Olive Co. reports net income of $26,000. Interest allowances are Fig $3,200 and Olive $5,400; partner salary allowances are Fig $19.200 and Olive $10.500 and the remainder is shared equally, Indicate the division of net income to each partner. (If an amount reduces the account balance then enter with a negative sin preceding the numberes. -15,000 or parentheses eg (15,000)) Division of Net Income Fig Ollve Total Salary allowance 19,200 Interest allowance on partners capital Total salaries and interest Remaining income Total salaries and interest Remaining income $ Total division of net income Prepare the entry to distribute the net income. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. Ust all debit entries before credit entries) Account Titles and Explanation Debit Credit

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