Question

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Coburn $($beginning capital, $$57,000)$ and Webb $($beginning capital $$87,000)$ are partners. During $2022,$ the partnership earned net income of $$66,000,$ and Coburn made drawings of $$17,000$ while Webb made drawings of $$23,000.$

$($c$)$

Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$37,000$ to Coburn and $$32,000$ to Webb, interest of $11\%$ on beginning capital, and the remainder divided $50\%-50\%.$ 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.$)$

$\backslash$table$[[$Account Titles and Explanation,Debit$]]$

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$($d$)$