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Prepare the entry to close the net income

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Question - Danny, Edward, and Francis invested $82,000, $49,200 and $32,800, respectively, in a partnership. During its first calendar year, the firm earned $135,000. The partners agreed to share income and loss by providing annual salary allowances of $48,000 to Danny, $36,000 to Edward, and $25,000 to Francis; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally.

Required -

1. Please show your calculation to allocate the $135,000 net income to the partners under agreement.

2. Prepare the entry to close the net income.

Reference no: EM132527598

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