Dividing Partnership Income Morrison and Greene have decided to form a partnership. They have agreed that Morrison is to invest $216,000 and that Greene is to invest $72,000. Morrison is to devote one-half time to the business, and Greene 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 $60,000 to Morrison and $85,000 to Greene, and the remainder equally f. Plan (e), except that Greene 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 $118,000 and (2) net income of $210,000. Round answers to the nearest whole dollar. (1) $118,000 Morrison Greene Plan (2) $210,000 Morrison Greene $ 105,000 $ 105,000 $157,500 $ 52,500 a. $ 59,000 59,000 b. $ 88,500 29,500 78,667 $ 39,333 $ 140,000 70,000 V 100,680 d. $ 63,320 to 54,680 $ 109,320 $ 67,180 $ 96,820 7 $113,180 50,820 e. 119,680 1. 50,823 X 90,320 67,180 X Feedback Check My Work Previous Next Check My Work Save and Exit Submit Assignment for Grader All we saved