S Pellah beginning capital $80,000 and M Berry beginning capital $120,000 are partners. During 2017 the partnership earned net income of $90,000 and Pellah made drawings of $24,000 while Berry made drawings of $32,000.

  

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Instructions (a) Assume the partnership income-sharing agreement calls for income to be divided 40% to Pellah and 60% to Berry. 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 $40,000 to Pellah and $35,000 to Berry, with the remainder divided 40% to Pellah and 60% to Berry. 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 $50,000 to Pellah and $45,000 to Berry, 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). Instructions (a) Assume the partnership income-sharing agreement calls for income to be divided 40% to Pellah and 60% to Berry. 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 $40,000 to Pellah and $35,000 to Berry, with the remainder divided 40% to Pellah and 60% to Berry. 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 $50,000 to Pellah and $45,000 to Berry, 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).