Coburn $($beginning capital, $$60,000)$ and Webb $($beginning capital $$86,000)$ are partners. During $2027,$ the partnership earned net

income of $$74,000,$ and Coburn made drawings of $$20,000$ while Webb made drawings of $$22,000.$

$($a$)$

$($b$)$

$($c$)$

Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$35,000$ to Coburn and

$$30,000$ to Webb, interest of $11\%$ on beginning capital, and the remainder divided $50\%-50\%.$ 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.$)$

Account Titles and Explanation

Debit

Credit