The Frick & Frack Co. reports net income of $28,000. Interest allowances are Frick $3,000 and Frack $5,000; partner salary allowances are Frick $18,000 and Frack $10,000 and the remainder is shared equally.
Instructions
Indicate the division of net income to each partner, and prepare the entry to distribute the net income.

Question

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The Answer of The Frick & Frack Co. reports net income of $28,000. Interest allowances are Frick $3,000 and Frack $5,000; partner salary allowances are Frick $18,000 and Frack $10,000 and the remainder is shared equally.
Instructions
Indicate the division of net income to each partner, and prepare the entry to distribute the net income.