Close Wind Moving to the next question prevents changes to this answer. Question 7 of 16 Question 7 10 points Farrell and jimmy enter into a partnership agreement on May 1, 2019. Farrell contributes 550,000 and jimmy contributes 5140,000 as the capital contributions. They decide to share profits and losses in the ratio of their respective capital account balances. The net income for the year ended December 31, 2019 is $60,000 REQUIRED: Record the journal entry to allocate the of net income to Farrell and Jimmy Record to the nearest dollar) TTT Arial 3 (121) T.EE W Path 20 3 96 5 7 8 10 6 4 3 C Y R E T Q D F G K H S