Coburn (beginning capital, $59,000) and Webb (beginning capital $93,000) are partners. During 2022, the partnership earned net income of $74,000, and Coburn made drawings of $15,000 while Webb made drawings of $20,000.

c.)

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Coburn and $35,000 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.

Coburn (beginning capital, \$59,000) and Webb (beginning capital $93,000 ) are partners. During 2022 , the partnership earned net income of $74,000, and Coburn made drawings of $15,000 while Webb made drawings of $20,000. (a) Assume the partnership income-sharing agreement calls for income to be 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.) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Coburn and $35,000 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.)