Entries for Allocation of Net Income Danny Spurlock and Tracy Wilson of $80,000 was eamed. Determine the amount of net income that Spuntock anc Wison wouid decided to form a partnership on July 1, 20-1. Souroc nested $100,.000 and Wison nvested $25,000. For the frscal yeaer ensed une 30, 20-2, a ne nvested $100,000 and Wilson ach of the tollowing independent assumotions Income to be allocated SpurlockWilsonTotal 1. There is no agreement concerning the distribution of net income 2. Each partner to receive 10% interest on ther ongna, mestment. The "maring net nco divided equally, 3. Spurlock and Wison are to receive a salary allowance of $35,000 and $26,000,respecty The remaining net income. is to be divioed eqully 4. Each partneris to receive 10% Spurlock and Wilson are to receive a The remaining net income is to be divided s follows: Spurlock, 7596 and Wilson, 259 on their onginal investment sebry allowance of $35,000 anc $26,000, respectively