Chapter 13 - allocating the partnership's income (10 points). Richland, Selvin and Tennyson own an accounting firm that they operate as a partnership. The partnership agreement includes the following: a) Richland receives a salary of $50,000 b) Selvin receives a salary of $55,000 c) Tennyson receives a salary of $65,000 d) All partners are to receive 4% interest on their average capital invested. The average capital balances are $90,000 (Richland), $140,000 (Selvin) and $220,000 (Tennyson) e) Bonuses are paid on the amount of new client revenue brought in. Each partner earns 5% of the first $50,000 of new client revenue generated and 8% of any new client revenue generated above $50,000. New client revenue generated by each partner for the year was $90,000 (Richland), \$80,000 (Selvin) and \$40,000 (Tennyson) f) Any remaining profits are shared 25% (Richland), 35\% (Selvin) and 40% (Tennyson) Show all calculations and circle your answers for each partner !! 1) Allocate partnership net income of $270,000 (6 points) Richland Selvin Tennyson 2) Allocate partnership income of $120,000 (4 points)