Question 1 Coburn (beginning capital, $55,000) and Webb (beginning capital $95,000) are partners. During 2017, the partnership eamed net income of $71,000, and Cobum made dranings of $17,000 while webb made drawings of $25,000, of $71 net Income [v] Your answer is correct. Assume the partnership income sharing agreement calls for income to be d vided 30% to Cobum and 70% to Webb. Prepare the oum al entry to record the allot Account Titles and Explanation Debit of net income. credit Income Summary Coburn, Capital V Webb, Capital 497 SHONW SOLUTL Your answer ls correct. Assume the partnership income-sharing agreement calls or Account Titles and Explanation Debit divided with a salary Of $35,000 to Co urn a to Coburn a income to be th a sallary ot s3 nd $25,000 to webb ith the e ai der divided 30% to Coburn and 70% t we Prepare the oumal entry to ecord the allocation of net income. Credit Income Summary Coburn, Capital Wehb, Capital 1000