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:

Income to be allocated	Spurlock	Wilson	Total
There is no agreement concerning the distribution of net income.	$40,500	$40,500	$81,000
Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally.	$43,500	$37,500	$81,000
Spurlock and Wilson are to receive a salary allowance of $35,000 and $25,000, respectively. The remaining net income is to be divided equally.	$45,500	$35,500	$81,000
Each partner is to receive 10% interest on their original investment. Spurlock and Wilson are to receive a salary allowance of $35,000 and $25,000, respectively. The remaining net income is to be divided as follows: Spurlock, 75% and Wilson, 25%.	?	?	$81,000

Please Show All Work For A Better Understanding & Please No Script