E$12\mathrm{.}5($LO $2),$ AP Coburn $($beginning capital, $$60,000)$ and Webb $($beginning capital $$90,000)$ are partners. During $2022,$ the partnership earned net income of $$80,000,$ and Coburn made drawings of $$18,000$ while Webb made drawings of $$24,000.$

Instructions

a$.$ Assume the partnership income$-$sharing agreement calls for income to be divided $45\%$ to Coburn and $55\%$ to Webb. Prepare the journal entry to record the allocation of net income.

b$.$ Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$30,000$ to Coburn and $$25,000$ to Webb, with the remainder divided $45\%$ to Coburn and $55\%$ to Webb. Prepare the journal entry to record the allocation of net income.

c$.$ Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$40,000$ to Coburn and $$35,000$ to Webb, interest of $10\%$ on beginning capital, and the remainder divided $50\%50\%.$ Prepare the journal entry to record the allocation of net income.

d$.$ Compute the partners$$ ending capital balances under the assumption in part $($c$).$

Prepare partners$$ capital statement and partial balance sheet.