Coburn (beginning capital, $63,000) and Webb (beginning capital $94,000) are partners. During 2022, the partnership earned...

  

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Coburn (beginning capital, $63,000) and Webb (beginning capital $94,000) are partners. During 2022, the partnership earned net income of $68,000, and Coburn made drawings of $14,000 while Webb made drawings of $23,000. Assume the partnership income-sharing agreement calls for income to be divided 40% to Coburn and 60% to Webb. 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.) Coburn (beginning capital, $63,000) and Webb (beginning capital $94,000) are partners. During 2022, the partnership earned net income of $68,000, and Coburn made drawings of $14,000 while Webb made drawings of $23,000. Assume the partnership income-sharing agreement calls for income to be divided 40% to Coburn and 60% to Webb. 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.)