Syawla and Reven began a partnership by investing $250,000 and $100,000, respectively. During its first year ended Dec 31, 2021, the partnership had a $29,000 net income. The partners have agreed to share income and loss by granting a $3,000 per month salary allowance to Syawla, a $7,000 per month salary allowance to Reven, 10% interest on their initial capital investments, and the remaining balance shared according to their initial capital balances.

Prepare calculations showing how the $29,000 net income should be allocated to the partners for the year ended Dec 31.

. Prepare a properly formatted and complete journal entry to record the allocation from your calculations above.

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

Please show work and write helpful comments, thank you so much :)