1. A partnership comprised of two partners has the following information regarding income and loss allocation: Partner #1 Partner #2 Initial investment 30,000 40,000 Salary allowance 25,000 20,000 Interest allowance in initial investment 10% 10% Remainder 50% 50% In its first year of business, the partnership generates an income of 80,000. Prepare a schedule showing how much income should be allocated to each partner