143) On January 1, a company issues bonds dated January 1 with a par value of $350,000. The bonds mature in 3 years. The contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The market rate is 9%. Using the present value factors below, the issue (selling) price of the bonds is:

n=		i=			Present Value of an Annuity (series of payments)			Present value of 1 (single sum)
3		8.0	%			2.5771		0.7938
6		4.0	%			5.2421		0.7903
3		9.0	%			2.5313		0.7722
6		4.5	%			5.1579		0.7679

Zheng invested $112,000 and Murray invested $212,000 in a partnership. They agreed to share incomes and losses by allowing a $63,000 per year salary allowance to Zheng and a $43,000 per year salary allowance to Murray, plus an interest allowance on the partners beginning-year capital investments at 10%, with the balance to be shared equally. Assuming net income for the current year is $111,000, the journal entry to allocate net income is: