Syawla and Reven began a partnership by investing $120,000 and $230,000, respectively. During its first year ended Dec 31, 2016, the partnership had a $99,000net loss. The partners have agreed to share income and loss by granting a $12,000 per month salary allowance to Syawla, a $6,000 per month salary allowance to Reven, 10% interest on their initial capital investments, and the remaining balance sharedaccording to their initial capital balances. (round to whole %)

1. Prepare calculations showing how the $99,000 loss should be allocated to the partners.Hint: Consider a table like the one below.

2. a journal entry to record the allocation from your calculations above

SYAWLA REVEN TOTAL BALANCE Net Income (loss) Interest Allowances Salary Allowances Share of Balance Total