P12-4A Rudy Trump. Monica Rivers, and Courtney Jetta have formed a partnership. Trump invested $20,000; Rivers. $40.000: and Jetta, 560,000. Trump will manage the store. Rivers will work in the store three-quarters of the time, and Jetta will not work. Required 1. Compute the partners' shares of profits and losses under each of the following plans:

a. Net income is $87,000. and the articles of partnership do not specify how profits and losses are shared.

b. Net loss is $47.000, and the partnership agreement allocates 45% of profits to Trump. 35% to Rivers, and 20% to Jetta. The agreement does not discuss the sharing of losses.

c. Net income is $104.000. The first $50,000 is allocated on the basis of salaries of $34,000 for Trump and $16.000 for Rivers. The remainder is allocated on the basis of partner capital contributions.

d. Net income for the year ended September 30, 20X4. is $86,000. The first $30,000 is allocated on the basis of partner capital contributions. The next $30.000 is based on service, with $20,000 going to Trump and $10,000 going to Rivers. Any remainder is shared equally. 2. Revenues for the year ended September 30, 20X4, were $572,000, and expenses were $486.000. Under plan (d). prepare the partnership income statement for the year.