Zheng invested $132,000 and murray invested $232,000 in a partnership. they agreed to share incomes and losses by allowing a $68,000 per year salary allowance to zheng and a $48,000 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 $121,000, the journal entry to allocate net income is: a. debit income summary, $137,000; credit zheng, capital, $73,500, credit murray, capital, $63,500. b. debit income summary, $137,000; credit zheng, capital, $47,800, credit murray, capital, $89,200. c. debit zheng, capital, $73,500, debit murray, capital, $63,500; credit income summary, $137,000; d. debit income summary, $137,000; credit zheng, capital, $45,700, credit murray, capital, $91,300. e. debit income summary, $137,000; credit zheng, capital, $68,500, credit murray, capital, $68,500.
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Zheng invested $132,000 and murray invested $232,000 in a partnership. they agreed to share incomes...
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