Zheng invested

$116,000

and Murray invested

$216,000

in a partnership. They agreed to share income and loss by allowing a

$64,000

per year salary allowance to Zheng and a

$44,000

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

$113,000

, the journal entry to allocate net income is:\ Multiple Choice\ Debit Income Summary, $113,000; Credit Zheng. Capital, $61,500, Credit Murray, Capital, $51,500.\ Debit Income Summary, $113,000; Credit Zheng, Capital,

$43,300

, Credit Murray, Capital, $69,700.\ Debit Zheng, Capital, $61,500, Debit Murray, Capital,

$51,500

; Credit Income Summary,

$113,000

.\ Debit Income Summary,

$113,000

; Credit Zheng, Capital,

$56,500

, Credit Murray, Capital,

$56,500

.

Zheng invested $116,000 and Murray invested $216,000 in a parthership. They agreed to share income and loss by allowing a $64,000 per year salary allowance to Zheng and a $44,000 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 $113,000, the journal entry to allocate net income is: Multiple Choice Debit Income Summary, $113,000; Credit Zheng, Capital, $61,500, Credit Murray, Capital, $51,500. Debit Income Summary, $113,000; Credit Zheng, Capital, $43,300, Credit Murray, Capital, $69,700. Debit Zheng, Capital, $61,500, Debit Murray, Capital, $51,500; Credit Income Summary, $113,000. Debit Income Summary, $113,000; Credit Zheng, Capital, $56,500, Credit Murray, Capital, $56,500