EF.5 (LO 2) Tsang (beginning capital, HK $60,000 ) and Woo (beginning capital HK $90,000 ) are partners (amounts in thousands). During 2020, the partnership earned net income of HK $80,000, and Tsang made drawings of HK $18,000 while Woo made drawings of HK $24,000. Instructions a. Assume the partnership income-sharing agreement calls for income to be divided 45% to Tsang and 55% to Woo. Prepare the journal entry to record the allocation of net income. b. Assume the partnership income-sharing agreement calls for income to be divided with a salary of HK $30,000 to Tsang and HK $25,000 to Woo, with the remainder divided 45% to Tsang and 55% to Woo. Prepare the journal entry to record the allocation