Ethan and Louis had partnership and shared incomes and losses based on the agreement that gave Ethan a salary allowance of $115,000 and Louis $90,000 with any unallocated income or loss shared 3:2 Prepare the entry and at December 31, 2011. the net income having a debit balance of $80,000 20 2 3 35 Nicholas and Sarah began a partnership by investing $52,000 and $78,000. During the first year running, it had net income $180,000 36 A 87 A. allocation based on no agreement 38 39 B. allocation based on partner initial investment 40 41 C. allocation based on partnership conditions Nicholas Sarah 42 1) salary allowance 85000 65000 43 2) Interest allowancel 10% initial investment) 10% 10% 3) split rest of balance equally 45 45 47