Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Coburn and $23,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Income Summary Coburn, Capital Webb, Capital 4 Debit 72,000 Credit

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Coburn and $23,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Coburn and $23,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)