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McGill and Smyth have capital balances on January 1 of $42000 and $38000, respectively. The partnership...

McGill and Smyth have capital balances on January 1 of $42000 and $38000, respectively. The partnership income-sharing agreement provides for 1 annual salaries of $16,000 for McGill and $10,000 for Smyth, interest at 11% on beginning capital balances, and 3 remaining income or loss to be shared 70% by McGill and 30% by Smyth

Journalize the allocation of net income in each of the situations above
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