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Question Current Attempt in Progress Coburn (beginning capital, $57,000) and Webb (beginning...

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Accounting

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Current Attempt in Progress
Coburn (beginning capital, $57,000) and Webb (beginning capital $87,000) are partners. During 2022, the partnership earned net income of $66,000, and Coburn made drawings of $17,000 while Webb made drawings of $23,000.
(c)
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $37,000 to Coburn and $32,000 to Webb, interest of 11% 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.)
\table[[Account Titles and Explanation,Debit]]
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(d)
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