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Prepare journal entry to record the allocation of net income

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Question - Coburn (beginning capital, $57,000) and Webb (beginning capital $86,000) are partners. During 2017, the partnership earned net income of $75,000, and Coburn made drawings of $16,000 while Webb made drawings of $24,000.

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $41,000 to Coburn and $36,000 to Webb, interest of 12% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.

Reference no: EM131676931

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