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2. [18%] Kyle, and Barbare, invested $80,000,$120,000 respectively, in a partnership they called KB Enterprises. They have agreed to sham profits and losses in the
2. [18\%] Kyle, and Barbare, invested $80,000,$120,000 respectively, in a partnership they called KB Enterprises. They have agreed to sham profits and losses in the following manner: (1) salary allowances of $30,000 to Kyle and $40,000 to Ba.bara, (2) interest on the original capital balance of each partner at the rate of 10%, and (3) any remainder allocated equally. Required: Compute all partner's shares of profits for 1996.1996 net income is $150,000
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