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Exercise 12-05 a-d (Part Level Submission) Coburn (beginning capital, $62,000) and Webb (beginning capital $92,000) are partners. During 2020, the partnership earned net income of $73,000, and Coburn made drawings of $16,000 while Webb made drawings of $24,000. Your answer is correct. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Account Titles and Explanation Debit Income Summary Coburn, Capital Webb, Capital 73000 29200 43800 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used (c) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $38,000 to Coburn and $33,000 to webb, interest of 10% on beginning capital, and the remainder divided 50%-50% Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually Debit Account Titles and Explanation Credit Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used

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