I do not know how to do the Journal entries and allocation of income chart parts?

On January 2, 2017, John and Jane drafted a partnership agreement to build a new partnership.The following items were contributed by each of the partners

. John Jane

Cash$40,000 $60,000

Inventory 10,000

Building 180,000

Equipment60,000

The building is subject to a mortgage of $50,000 which the partnership has assumed.The partnership agreement specifies that each partner receives 10% interest on his beginning capital balance. John receives an annual salary of $15,000: Jane receives an annual salary of $20,000. The residual profit or loss is divided using a 2:3 ratio which 2 parts assigned to John and 3 parts assigned to Jane.

During 2017 the partnership had income of $185,000.Assume there were no drawings during 2017.

Journal Entries

Record the journal entry for each partner's contribution to the partnership

Journal entry for John's contribution

Journal entry for Jane's contribution

Allocation of Income

Complete the following schedule showing the allocation of partnership income for each partner.

John Jane

Beginning Capital Balance ---------- -----------

Interest on Capital Balance ---------- -----------

Annual salary ---------- -----------

Remainder ---------- -----------

Ending Capital Balance ---------- -----------