Question: A Lammers and B Samec have decided their partnership earnings
A. Lammers and B. Samec have decided their partnership earnings will be shared as follows: (a) 14% interest allowance on capital balances at beginning of year, (b) Remainder to be shared equally. Capital balances of A. Lammers and B. Samec at the beginning of the year are $81,000 and $32,000, respectively. Net income is $18,000 for the year. Record the journal entry to update the capital balances of A. Lammers and B. Samec on December 31.
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