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Prepare journal entry to record allocation of net income

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Question - Coburn (beginning capital, $62,500) and Webb (beginning capital $90,100) are partners. During 2014, the partnership earned net income of $67,800, and Coburn made drawings of $17,350 while Webb made drawings of $22,330.

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,600 to Coburn and $35,700 to Webb, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.

Reference no: EM132028465

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