Edward and Leo had partnership and shared incomes and losses based on the agreement

that gave Edward a salary allowance of $115,000 and Leo $90,000 with any unallocated income or loss shared 3:2

Prepare the entry and at December 31, 2011. the net income having a debit balance of $80,000

2)Nick and Sarah began a partnership by investing $52,000 and $78,000 . During the first year running, it had net income $180,000

A. allocation based on no agreement

B. allocation based on partner initial investment

C. allocation based on partnership conditions

1) salary allowance

2) Interest allowance( 10% initial investment)

3) split rest of balance equally