Syawla and Reven began a partnership by investing $$100,000$ and $$200,000,$ respectively. During its first year ended Dec $31,2023,$ the partnership had a $$72,000$ net income. The partners have agreed to share income and loss by granting a $$5,000$ per month salary allowance to Syawla, a $$8,000$ per month salary allowance to Reven, $10\%$ interest on their initial capital investments, and the remaining balance shared according to their initial capital balances.

Required:

Prepare calculations showing how the $$72,000$ net income should be allocated to the partners for the year ended Dec $31.$ Hint: Consider a table like the one below. Excel will make your work very easy. USE THE LECTURE FOR THE CHAPTER TO ANSWER THIS QUESTION. WATCH THE LECTURE BEFORE ATTEMPTING THIS DISCUSSION

$\backslash$table$[[,$SYAWLA,REVEN,TOTAL,BALANCE$],[$Net Income $($loss$),,,,],[$Salary Allowances,,,,$],[$Interest Allowances,,,,$],[$Share of Balance,,,,$],[$Total$,,,,]]$

Prepare a properly formatted and complete journal entry to record the allocation from your calculations above. Incomplete or improperly formatted journal entries will not be graded.