Coburn (beginning capital, $ 58,000) and Webb (beginning capital $ 83,000) are partners. During 2020, the partnership earned net income of $ 70,000, and Coburn made drawings of $ 17,000 while Webb made drawings of $ 26,000. (a) Your answer is correct Assume the partnership income sharing agreement calls for income to be divided 40% to Coburn and 60% 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 Income Summary 70.000 Coburn Capital 20 12000 Webb, Capital (b) Your Answer Correct Answer (Used) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 30,000 to Coburn and $ 28,000 to Webb with the remainder divided 40% to Coburn and 60% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Income Summary 7010 Coburn, Capital 100 Webb, Capital (c) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 36,000 to Coburn and $ 31,000 to Webb, interest of 10% on beginning capital, and the remainder divided 50%-50%. 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.) Debit Credit Account Titles and Explanation