Reference no: EM132097213

Question - Coburn (beginning capital, $55,000) and Webb (beginning capital $80,000) are partners. During 2017, the partnership earned net income of $65,000, and Coburn made drawings of $14,000 while Webb made drawings of $20,000.

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $34,000 to Coburn and $29,000 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)