Entries for Allocation of Net Income Danny Spurlock and Tracy Wilson decided to form a partnership on July 1, 20-1. Spurlock invested $80,000 and Wilson invested $20,000. For the fiscal year ended June 30, 20-2, a net income of $79,000 was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions: Income to be allocated 79,000 Spurlock Wilson Total 39,500 39,500 79,000 1. There is no agreement concerning the distribution of net income. 2. Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally 3. Spurlock and Wilson are to receive a salary allowance of $34,000 and $25,000, respectively The remaining net income is to be divided equally, 4. Each partner is to receive 10% interest on their original investment Spurlock and Wilson are to receive a salary allowance of $34,000 and $25,000, respectively The remaining net income is to be divided as follows: Spurlock, 75% and Wilson, 25%