Determine the income participation of Haley and Manos, according to each of the five assumptions as to income division listed in Exercise 12-3 if the year's net income is $240,000.

Exercise 12-3

Gale Haley and Leah Manos formed a partnership, investing $180,000 and $60,000 respectively.

Determine their participation in the year's net income of $150,000 under each of the following independent assumptions:

(a) No agreement concerning division of net income;

(b) Divided in the ratio of original capital investment;

(c) Interest at the rate of 10% allowed on original investments and the remainder divided in the ratio of 2:3;

(d) Salary allowances of $45,000 and $60,000 respectively, and the balance divided equally; 

(e) Allowance of interest at the rate of 10% on original investments, salary allowances of $45,000 and $60,000 respectively, and the remainder divided equally.