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Coburn (beginning capital, $57,000) and Webb (beginning capltal $90,000 ) are partners. During 2022, the partnership earned net income of $66,000, and Coburn made drawings

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Coburn (beginning capital, \$57,000) and Webb (beginning capltal $90,000 ) are partners. During 2022, the partnership earned net income of $66,000, and Coburn made drawings of $14,000 while Webb made drawings of $24,000. Assume the partnership income-sharing agreement calls for income to be dlvided with a salary of $35,000 to Coburn and $30,000 to Webb, Interest of 11% on beginning capital, and the remainder divided 50%50%. Prepare the journal entry to record the allocation of net income. (Crodit ocoount titles are outomatfcolly indertod when anount Is entered Do not indent manuali) eTextbook and Media Attempts: 2 of 3 used Q. Your answer is incorrect. Compute the partners' ending capital balances under the assumption in part (c) above

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