Khalid, Dina, and James are partners by making capital contributions of $400,000, $320,000, and $160,00 respectively. The partners agreed to share income and loss as follows: Salary of $30,000 to Khalid, $50,000 to Dina, and $55,000 to James and an interest allowance of 10% on beginning-of-year capital balances to each partner. Any remaining balance is to be divided equally. Partnership net income for the year is $190,000.

Prepare a table to show the distribution of the partnership income.

Prepare the entries to record the initial capital investments, the allocation of net income and close the partners withdrawl accounts, assuming Khalid withdrew $10,000, Dina withdrew $5000 and James withdrew $30,000.