Tom and Brady formed a partnership with capital contributions of $$200,000$ and $$175,000,$ respectively. Their

partnership agreement called for Tom to receive a $$70,000$ annual salary allowance and Brady to receive a

$$60,000$ annual salary allowance. They also agreed to allow each partner a share of income equal to $10\%$ of their

initial capital investments. The remaining income or loss is to be divided equally. The net income for the current

year is $$200,000.$

A$.$ What are Tom's and Brady's respective shares?

B$.$ What is the journal entry required to distribute the partner$$s share of income?

C$.$ What if the net income was only $$100,000?$