The partnership agreement of Cable and Rod Landscaping provides an $18,000 salary allowance to William Cable and a $24,000 salary allowance to Gillian Rod. Both partners are given 10% interest on their capital balances at the beginning of the year. The beginning capital balance for Cable was $41,700 and for Rod, $37,300. Any remaining income or loss is shared in the ratio of 3:2. Assume that the business formed by Cable and Rod had revenues of $130,000 and expenses of $90,000 resulting in net income of $40,000 during its first year of operations. Calculate the net income distributed to each partner. Question 2: On August 20, the board of directors of Carlisle Corporation declares a 4% stock dividend on its 50,000 shares of common stock, to stockholders as of September 15. The shares will be issued on October 31. The par value of the stock is $10 per share; the market value on June 20 is $16 per share. Journalize the entries required for August 20, September 15, and October 31