Ashley F. and Charles K.'s partnership generated $300,000 of net income for the 2019 fiscal year ending March 31, 2019.

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Ashley F. and Charles K.'s partnership generated $300,000 of netincome for the 2019 fiscal year ending March 31, 2019. Revenuestotaled $750,000 and expenses totaled $450,000. The partnershipagreement states that net income must be allocated to partnersaccording to services rendered to the association, and anyremaining net income will also be allocated according tocontributions for services rendered. Ashley F. receives a monthlyallowance (salary) of $5,200, while Charles K. receives a monthlyallowance of $5,750. Required: Determine the amount allocated toeach partner and prepare the journal entry to record the divisionof net income. Round percentages and answers to two decimalplaces.