ALT-PARTNERSHIP INCOME SHARING There are six exercises in this section. Choose exercise: Thomas and Manfred are the two partners in TM Partnership. The net income for the year was $120,000 and is to be shared as follows, according to the partnership agreement: 1. Salary allowance to Thomas is $12,000 and salary allowance to Manfred is $14,000. 2. Each partner receives an interest allowance of 6 percent, calculated on the beginning capital balance. 3. The remainder is to be shared equally. Thomas had beginning capital of $100,000, and Manfred had beginning capital of $80,000. Fill in the following table. THOMAS MANFRED GRADE 0 0 0 0 o NET INCOME SALARY ALLOWANCE INTEREST ALLOWANCE TOTALS REMAINDER SHARE OF REMAINDER FINAL TOTALS 0 0 0 0 o o 0 0 0 0 0