Coburn $($beginning capital, $$57,000)$ and Webb $($beginning capital $$85,000)$ are partners. During $2022,$ the partnership earned net income of $$72,000,$ and Coburn made drawings of $$20,000$ while Webb made drawings of $$24,000.$

$($b$)$

Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$35,000$ to Coburn and $$25,000$ to Webb, with the remainder divided $30\%$ to Coburn and $70\%$ 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

Debit

Credit

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