Abel & Baker form a Partnership.

The Profiits and Loss Sharing Ratio is [6:4] after all expenditures are considered

Partnership profits $120,000

Salary to Partner, Abel 40,000

Salary to Partner, Baker 30,000

Interest on Average Cap Balances:

- Partner Abel 3,000

- Partner Baker 3,000

Country Club & Opera Subscription Dues 66,000

Require:

1) Prepare _a_ schedule to divide the Net Income

2) Record the Journal Entry