Accounting for Net Income/Loss of a Partnership & Partnership Financial Statements assign E12-5. Youssef (beginning capital, $60,000) and Kito (beginning capital, $90,000) are partners. During 2019, the partnership earned net income of $80,000, and Youssef made drawings of $18,000, while Kito made drawings of $24,000. Instructions: A. Assume the partnership income-sharing agreement calls for income to be divided 45% to Youssef and 55% to Kito. Prepare the journal entry to record the allocation of net income. B. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Youssef and $25,000 to Kito, with the reminder divided 45% to Youssef and 55% to Kito. Prepare the journal entry to record the allocation of net income. C. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Youssef and $35,000 to Kito, interest of 10% on beginning capital, and the reminder divided 50%-50%. Prepare the journal entry to record the allocation of net income. D. Compute the partners' ending capital balances under the assumption in part (c).