Coburn (beginning capital, $57,000) and Webb (beginning capital $82,000) are partners. During 2022, the partnership earned net income of $70,000, and Coburn made drawings of $16,000 while Webb made drawings of $21,000.

(b) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $32,000 to Coburn and $23,000 to Webb, with the remainder divided 40% to Coburn and 60% to Webb. Prepare the journal entry to record the allocation of net income.