Walters and Kim are partners. The partnership agreement provides for salary allowances of $45,000 for Walters and $38,000 for Kim and for interest of 10 percent on each partner's invested capital at the beginning of the year. The balance of any remaining profits or losses is to be divided 20 percent to Walters and 80 percent to Kim. On January 1, 2019, the capital account balances were Walters, $117,000, and Kim, $124,000. Net income for the year was $114,000. 1. Record a general journal of the following entries on December 31, 2019. A. Record the salary allowances for the year. B. Record the interest allowances for the year. C. Record the division of the balance of net income. D. Close the drawing accounts into the capital accounts. Assume that the partners have withdrawn the full amount of their salaries. 2. Prepare a schedule showing the division of net income to the partners as it would appear on the income statement for 2019