Monas and Windy formed a partnership on January 1. Monas contributed $110,000 cash and truck with a market value of $70,000. Windy ' investment consisted of: cash, $40,000; inventory, $30,000; all at market values. Partnership net income for year 1 and year 2 was $110,000 and $130,000, respectively. 1. Determine each partner's share of the net income for each year, assuming each of the following independent situations: (a) Income is divided based on the partners' failure to sign an agreement. (d) Income is divided based on interest allowance of 12% on the original capital investments; salary allowance to Monas of $40,000 and Windy of $35,000; and the remainder to be divided equally. 2. Prepare the journal entry to record the allocation of the Year 1 income under alternative (d) above.