Wallace and Simpson formed a partnership. Wallace contributed

$96,000

, and Simpson contributed

$76,000

. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. The partnership had income of

$215,000

in its first year of operation. When the Income Summary is closed, the journal entry to allocate partner income is: (Do not round intermediate calculations.)

Wallace and Simpson formed a partnership. Wallace contributed $96,000, and Simpson contributed $76,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. The partnership had income of $215,000 in its first year of operation. When the Income Summary is closed, the journal entry to allocate partner income is: (Do not round intermediate calculations.)