Assume the partnership income-sharing agreement calls for income to be divided with a salary of...
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Accounting
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $31,000 to Coburn and $22,000 to Webb, with the remainder divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income.
Net income is 72000
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