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 $81,000 was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions: Spurlock Wilson Total 40,500 $ 40,500 81,000 8,000 X $ 2,000 X $ 10,000 X 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 $37,000 and $26,000, 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 $37,000 and $26,000, respectively. The remaining net income is to be divided as follows: Spurlock, 75% and Wilson, 25%. $ 8,000 X