Help System Announcements PRINTER VERSION 4 BACK NEXT Exercise 12-5 (Part Level Submission) Coburn (beginning capital, $56,000) and Webb (beginning capital $94,000) are partners. During 2017, the partnership earned net income of $75,000, and Coburn made drawings of $14,000 while Webb made drawings of $21,000. (a) Your answer is correct. Assume the partnership income-sharing agreement calls for income to be divided 30% to Coburn and 70% 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 Income Summary $75,000 Coburn, Capital $22,500 Webb, Capital $52,500 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEYT PRINTER VERSION 4 BACK NEXT LINK TO TEXT Attempts: 1 of 3 used (b) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Coburn and $27,000 to Webb, with the remainder divided 30% to Coburn and 70% 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 V Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER 7:53 PM