2. Moe and Larry formed a partnership, with Moe investing $50,000 and Larry investing $40,000. Prepare journal entries for each of the following independent assumptions regarding distribution of net income (loss) in the first year.

a. Net income - $10,000. Nothing stated concerning distribution

b. Net income - $10,000. Divided 60% to 40%.

c. Net loss - ($10,000). Moe is to receive a salary of $12,000 and Larry is to receive $8,000. Stated ratio is 1.1.

d. Net income - $5,000. Interest rate of 10% on beginning balances. Stated ratio is 3.1.

e. Net income - $50,000. Moe is to receive a salary of $20,000 and Larry is to receive $10,000. Interest on beginning balances of 10%. Stated ratio is 1.1.