Left and Right are partners. Their capital accounts during 20X1 were as follows:

Net income of the partnership is \(\$ 50,000\) for the year. The partnership agreement provides for the division of income as follows:
1. Each partner is to be credited 8 percent interest on his average capital.
2. Any remaining income or loss is to be divided equally.
\section*{Required}
Prepare an income distribution schedule.+

Transcribed Image Text:

Left, Capital Right. Capital 8/28 6,000 1/1 30.000 3/5 9.000 1/1 50.000 4/3 8.000 7/6 7,000 10/31 6.000 10/7 5.000