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L. Pinella (beginning capital, $80,000) and H. Johnston (beginning capital $120,000) are partners. During 2012,...

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Accounting

L. Pinella (beginning capital, $80,000) and H. Johnston (beginning capital $120,000) are partners. During 2012, the partnership earned net income of $90,000, and Pinella made drawings of $24.000 while Johnston mace drawings of $32,000.Instructions:(a) Assume the partnership income-sharing agreement calls for income to be divided 40% to Pinella and 60% to Johnston. Prepare the journal entry to record the allocation of net income.(b) Assume the partnership income-sharing agreement calls for income to be divided with a sulary of $40,00010Pinella and $35,000 to Johnston, with the remainder divided 40% to Pinella and 60% to Jahnston. Prepare the journal entry to record the allocation of net income.(c) Assume the partnership income-sharing agreement calls for income to be divided with a salary of 550.000 t Pinella and $45,000 to Johnston, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepure the journal entry to record the allocation of net income.(d) Compute the partners' ending capital balances under the assumption in part (c).
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