The partnership agreement stipulates that a division of partnership net income or net loss is to b made as follows: 1. Asalary allowance of $12,000 to Ricci and $23.000 to Napoli. 2. The remainder is to be divided equally. Instructions (a) Prepare a schedule which shows the division of net income to each partner. (b) Prepare the closing entries for the division of net income and for the drawings accounts a December 31, 2017 SOLUTION The partnership agreement stipulates that a division of partnership net income or net loss is to b made as follows: 1. Asalary allowance of $12,000 to Ricci and $23.000 to Napoli. 2. The remainder is to be divided equally. Instructions (a) Prepare a schedule which shows the division of net income to each partner. (b) Prepare the closing entries for the division of net income and for the drawings accounts a December 31, 2017 SOLUTION