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Problem 12 -1 - 2 The following information applies to the Wie and Korda partnership:...

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Accounting

Problem 12 -1 - 2 The following information applies to the Wie and Korda partnership: a. Salary allowances: Wie, $10,000; Korda, $12,000. b. Interest allowance: 5% of beginning capital balances. c. Wie, beginning capital balance, $20,000; Korda, beginning capital balance, $40,000. d. Income sharing ratio: 1:2 Requirements: 1. Determine the allocation of net income is (a) $34,000 and (b) $22,000 2. For each allocation, prepare the respective journal entry for each partner.

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