The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Magda receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partner's capital account. Magda Sue Total Salary Remaining Net Income Total Distribution General Journal Date Description PR Debit Credit