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2. (5 points) Alice and Barbara form a partnership. Alice contributed $100,000 and, Barbara contributed $80,000. The partnership agreement states that partnership profits be shared
2. (5 points) Alice and Barbara form a partnership. Alice contributed $100,000 and, Barbara contributed $80,000. The partnership agreement states that partnership profits be shared in the following manner: A salary allowance will be given to Alice in the amount of $50,000 and Barbara $40,000. Additionally, there will be a 10% interest allowance on their investments. The remaining amount of partnership profits or loss will be shared equally Required: Determine the partners' share of partnership profits if the first year income is $150,000
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