Kathy Brown and James Greene formed a partnership and initially invested $45,000 and $35,000 respectively

Kathy Brown and James Greene formed a partnership and initially invested $45,000 and $35,000 respectively. During its first year of operations, 2018, the partnership recorded net income of $150,000. Required: a) Prepare calculations showing how the income should be allocated to the partners assuming the partners agreed to share income by allowing a $50,000 per salary allowance to Kathy Brown, a $65,000 per year salary allowance to James Greene, 10% interest on their initial investments, and the balance equally. b) Record the journal entry allocating the income to Brown and Greene at year end.