Calculating Partner Income Allocation and Journal Entry |

ipboard Font Alignment Number X A B C D E F 1 1 Darla and Whitney had capital balances of $ 60,000.00 15 points and $ 80,000.00 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $ 22,000.00 and $ 24,000.00 respectively, an allowance of interest at . + 12% on the capital balances at the beginning of the year with the remaining net income divided equally. Net income for the current year was $ 85,000.00 a) Calculate the amounts of income to be allocated to each partner Division of Net Income Darla Whitney Total b) Make the journal entry to record the allocation after the income statement accounts have Page 1 Page 2 Page 3 Page 4 Page 5