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Coburn (beginning capital, 58,000) and Webb (beginning capital 83,000) are partners. During 2020, the partnership...

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Accounting

Coburn (beginning capital, 58,000) and Webb (beginning capital 83,000) are partners. During 2020, the partnership earned net income of 70,000, and Coburn made drawings of 17,000 while Webb made drawings of 26,000. (a) Assume the partnership income sharing agreement calls for income to be divided 40% to Coburn and 60% to Webb. Prepare the journal entry to record the allocation of net income

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