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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.
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