Coburn $($beginning capital, $$64,000)$ and Webb $($beginning capital $$95,000)$ are partners. During $2027,$ the partnership earned net income of $$66,000,$ and Coburn made drawings of $$16,000$ while Webb made drawings of $$23,000.$

$($a$)$

Assume the partnership income$-$sharing agreement calls for income to be divided $35\%$ to Coburn and $65\%$ 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.$)$

Account Titles and Explanation

Debit

Credit