68% 10.42 PM E 19-2A (LO3) 4. Wilson: $29,375 SHOW ME HOW ENTRIES FOR ALLOCATION OF NET INCOME Danny Spurlock and Tracy Wilson decided to form a partnership on July 1, 20-1. Spurlock invested $100,000 and Wilson invested $25,000. For the fiscal year ended June 30, 20-2, a net income of $80,000 was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions: 1. There is no agreement concerning the distribution of net income Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally. Spurlock and Wilson are to receive a salary allowance of $35,000 and $25,000, respectively. The remaining net income is to be divided equally 2. 3. 4. Each partner is to receive 10% interest on their original investment. Spurlock and Wilson are to receive a salary allowance