Coburn (beginning capital, $63,000) and Webb (beginning capital $94,000) are partners. During 2020, the partnership earned net income of $68,000, and Coburn made drawings of $14,000while Webb made drawings of $23,000.

Assume the partnership income-sharing agreement calls for income to be divided40% to Coburn and60% to Webb. Prepare the journal entry to record the allocation of net income.

Account Titles and Explanation Debit Credit

ncome Summary 68,000

Coburn Capital 27200

Webb Capital 40800

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000to Coburn and $25,000to Webb, with the remainder divided40% to Coburn and60% to Webb. Prepare the journal entry to record the allocation of net income

Prepare the closing entry.

Account Titles and Explanation Debit Credit

Income Summary 68,000

Coburn Capital 35200

Webb Capital 32800

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $41,000to Coburn and $36,000to Webb, interest of10% 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.)

Account Titles and Explanation Debit Credit

Income summary 68,000

Coburn Capital 34,950

Webb Capital 33,050

D). Compute the partners' ending capital balances under the assumption in part (c) above.

Ending capital

Coburn $

Webb. $