RECOMMENDED!!Carson & Smith, Inc. reports net income of $45,000.

  

Carson & Smith, Inc. reports net income of $45,000. The partnership agreement provides for annual salaries of $23,000 for Carson and $19,000 for Smith and interest allowances of $5,000 to Carson and $3,000 to Smith. Any remaining income or loss is to be shared 60% by Carson and 40% by Smith. Instructions: a) Determine the amount of net income allocated to each partner. b) Prepare the closing entries for the division of net income.Instructions: a) Determine the amount of net income allocated to each partner. b) Prepare the closing entries for the division of net income.

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