income of $75,000, and Coburn made drawings of $16,000 while Webb made drawings of $24,000. (a) Your Answer Correct Answer Your answer is correct. Assume the partnership income-sharing agreement calls for income to be divided 30% to Coburn and 70% 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 Income Summary Debit Credit 75000 Coburn, Capital Webb, Capital 22,500 52500