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  3. zheng invested $108,000 and murray invested $208,0

Zheng invested $108,000 and Murray invested $208,000 in a partnership. They agreed to share incomes...

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Accounting

  1. Zheng invested $108,000 and Murray invested $208,000 in a partnership. They agreed to share incomes and losses by allowing a $62,000 per year salary allowance to Zheng and a $42,000 per year salary allowance to Murray, plus an interest allowance on the partners' beginning-year capital investments at 10%, with the balance to be shared equally. Assuming net income for the current year is $109,000, the journal entry to allocate net income is:

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