Partners E and F have written the given partnership agreement:
Partners will share income based on:
1) Salaries of $40,000 to E and $50,000 to F and
2) Any balance in a ratio of 1:2
a) Find out the distribution of income if the total income this year was $130,000.
b) Find out the distribution of income if the total income for the year was $90,000.
3) Give the closing entry for either of the above conditions.