Zheng invested $$108,000$ and Murray invested $$208,000$ in a partnership. They agreed to share income and loss by allowing a $$62,000$ per year salary allowance to Zheng and a $$42,000$ per year salary allowance to Murray, plus an interest allowance on the partners$$ beginning$-$year capital investments at $10\%,$ with the remaining balance to be shared equally. Assuming net income for the current year is $$109,000,$ the journal entry to allocate net income is:

Multiple Choice

Debit Income Summary, $$109,000$; Credit Zheng, Capital, $$54,500,$ Credit Murray, Capital, $$54,500.$

Debit Income Summary, $$109,000$; Credit Zheng, Capital, $$36,600,$ Credit Murray, Capital, $$72,400.$

Debit Income Summary, $$109,000$; Credit Zheng, Capital, $$59,500,$ Credit Murray, Capital, $$49,500.$

Debit Income Summary, $$109,000$; Credit Zheng, Capital, $$42,900,$ Credit Murray, Capital, $$66,100.$

Debit Zheng, Capital, $$59,500,$ Debit Murray, Capital, $$49,500$; Credit Income Summary, $$109,000.$