C) Chapter 12 Accounting for Partnerships connect- in the ratio ofme. They haveming a partnership to which Watts will devote one-half time and Lyon for Lvo l cssed the following alternative plans for sharing income and loss T A Irene Watts and John Lyon are partn $42,000 for Watts and n to the time devoted to the business; (c) a salary allowance of $6,000 nce in accordance with the ratio of their initial capital investments; or per month to Lyon, 10% interest on their initial capital investments, equally. The partners expect the business to perform as follows: year 1, $36,000 l capital investments, which they have agreed will be $63,000 for Lyon; (b) in proportion per month to Lyon and the (d) a salary allowance of $6,000 time acc net loss; year 2, $90,000 net income; and year 3, S150,000 t i net income. Req Prepare three tables with the following column headings. Year- - Income (Loss) Sharing Plan Calculations Watts Lyon Complete the tables, one for ach of the first three years, by showing how to allocate or loss to the partners under each of the four plans being considered. (Round whole dollar.) partnership income answers to the nearest