The partnership agreement of Damon and Wayans has the following provisions: 1. The partners are to earn 10 percent on the average capital. 2.Damon and Wayans are to earn salaries of $26,000 and $16,000, respectively. 3 Any remaining income or loss is to be divided between Damon and Wayans using a 70:30 ratio. Damon's average capital is $70,000 and Wayan's is $54,000. Required: Prepare an income distribution schedule assuming the income of the partnership is (a) $90,000 and (b) $37,000. (Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.) Damon Wayans Total (a) Distribution of $90,000 income: % Profit percentage Average capital Net income Interest on average capital Salary Residual income (deficit) Allocate Total (b) Distribution of $37,000 income: % % % Profit percentage Average capital Net income Interest on average capital Salary Residual income (deficit) Allocate Total