Required:
1.Prepare a schedule to allocate income to the partners assuming that partnership net income for 2014 is $250,000.
2.Prepare a journal entry to distribute the partnership's income to the partners (assume that an Income Summary account is used by the partnership).

Question

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The Answer of Required:
1.Prepare a schedule to allocate income to the partners assuming that partnership net income for 2014 is $250,000.
2.Prepare a journal entry to distribute the partnership's income to the partners (assume that an Income Summary account is used by the partnership).

Required: 1.Prepare a Schedule to Allocate Income to the Partners Assuming