Syawla and Reven began a partnership by investing $180,000 and $220,000, respectively. During its first year ended Dec 31, 2021, the partnership had a $9,000 net income. The partners have agreed to share income and loss by granting a $8,000 per month salary allowance to Syawla, a $5,000 per month salary allowance to Reven, 12% interest on their initial capital investments, and the remaining balance shared according to their initial capital balances.

Required:

1. Prepare calculations showing how the $9,000 net income should be allocated to the partners. 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

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

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