Exercise 12-05 a-d (Part Level Submission)Coburn (beginning capital, $57,000) and Webb (beginning capital $90,000) are partners. During 2020, the partnership earned net income of $66,000, and Coburn made drawings of $14,000while Webb made drawings of $24,000.

(a)

Assume the partnership income-sharing agreement calls for income to be divided35% to Coburn and65% to Webb. Prepare the journal entry to record the allocation of net income.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(b)

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $34,000to Coburn and $27,000to Webb, with the remainder divided35% to Coburn and65% to Webb. Prepare the journal entry to record the allocation of net income.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(c)

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000to Coburn and $30,000to Webb, interest of11% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(d)

Compute the partners' ending capital balances under the assumption in part (c) above.

Ending capitalCoburn$

Webb$