ad Clay will not work in the business.

ead the requirements.

equirement $1.$ Compute the partners' shares of profits and losses under each of the following plans: prentheses or a minus sign for loss amounts. Complete all answer boxes. For amounts that are $$0,$ make sure to enter $"0"$ in the appropriate cell.$)$

Allocatis

Requirements

Net income $($loss$)$

Capital allocation:

Apollo

Brad

Clay

Total capital allocation

Net income $($loss$)$ remaining for allocation

Compute the partners' shares of profits and losses under each of the following plans:

a$.$ Net loss for the year ended September $30,2025$ is $$43,000,$ and the partnership agreement allocates $60\%$ of profits to Apollo, $20\%$ to Brad, and $20\%$ to Clay. The agreement does not discuss the sharing of losses.

b$.$ Net income for the year ended September $30,2025,$ is $$93,000.$ The first $$20,000$ is allocated on the basis of relative partner capital balances. The next $$34,000$ is based on service, with $$24,000$ going to Apollo and $$10,000$ going to Brad. Any remainder is shared equally.

Using plan b$,$ prepare the partnership statement of partners' equity. Assume Apollo, Brad, and Clay each withdrew $$12,000$ from the partnership during the year.

Time Remaining: $00$:$50$:$23$