Coburn (beginning capital, $62,500) and Webb (beginning capital $90,100) are partners. During 2014, the partnership earned net income of $67,800, and Coburn made drawings of $17,350while Webb made drawings of $22,330.

??Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,600to Coburn and $35,700to Webb, interest of10% on beginning capital, and the remainder divided 50%50%. Prepare the journal entry to record the allocation of net income. See attached