Dividing Partnership Income Black and Shannon have decided to form a partnership. They have agreed that Black is to invest $270,000 and that Shannon is to invest $90,000. Black is to devote one- half time to the business, and Shannon is to devote full time. The following plans for the division of income are being considered: a. Equal division. b. In the ratio of original investments. c. In the ratio of time devoted to the business. d. Interest of 6% on original investments and the remainder equally. e. Interest of 6% on original investments, salary allowances of $40,000 to Black and $90,000 to Shannon, and the remainder equally. f. Plan (e), except that Shannon is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the total salary allowances. Required: For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $115,000 and (2) net income of $215,000. Round answers to the nearest whole dollar. (1) $115,000 (2) $215,000 Plan Black Shannon Black Shannon a. 57,500 $7,500 107,500 107,500 28,750 X 86,250 X 53,750 X 161,250 X C 38,333 76,667 71,667 v 143,333 v d. 62,900 52,100 112,900 102,100 74,500 X 113,700 X 87,900 127,100 f.