Problem 2 Dividing Net Income and Loss Among Partners M Gomez (beginning capital $50,000) and I Inez (beginning capital $80,000) are partners In 2021 the partnership earned a net income of $60,000 Assume the partnership income sharing agreement calls for income to be divided with a salary of $40,00...

Problem #2. Dividing Net Income and Loss Among Partners. M. Gomez (beginning capital $50,000) and I. Inez

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Problem #2. Dividing Net Income and Loss Among Partners. M. Gomez (beginning capital $50,000) and I. Inez (beginning capital $80,000) are partners. In 2021 the partnership earned a net income of $60,000. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Gomez and $30,000 to Inez, interest of 10% on beginning capital, and the remainder divided 70%–30%. Prepare the schedule and journal entry to record the allocation of net income.