Please answer question 1

ct html m #3 Zheng invested $132,000 and Murray invested $232,000 in a partnership. They agreed to share incomes and losses by allowing a $68,000 per year salary allowance to Zheng and a Help Save& Exit with the balance to be shared equally. Assuming net income for the current year is $121000, the journal entry to allocate net income is per year salary owance to Murray, plus an interest ellowance on the partners to beginning-year capital investments at 10%, O Dets ncome summany, 200 e hengCy0 Detit income summary. St21,000. Creon Zheng, Capita. S60500, Credit MumeCapital, S60500. Debt Terg, Capi S65.500, Debt luray. Capital, S55.500; Credit income Summery. S121.000, Debit Income Summary, $121,000, Creant Zheng Capital, $44100, Credit Murray. Capital. $76.90o ite 1016 Next > cooper COOPER INTERN....ocx A : here to search