Dividing Partnership Income Morrison and Greene have decided to form a partnership. They have agreed that Morrison is to invest $279,000 and that Greene is to invest $93,000. 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 $90,000 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 $154,000 and (2) net income of $220,000 Round answers to the nearest whole dollar (1) $154,000 Plan Morrison Greene (2) $220,000 Morrison Greene a 83000 x b. 124,500 X 83,000 x $ 41,500 x 120,000 x $ 180,000 x $ 120,000 x $ 60,000 X 55,333 x 110,667 x 80,000 x 160,000 X 87,650 X 78,350 X 124,650 X 115,350 X (1) $154,000 (2) $220,000 Plan Morrison Greene Morrison Greene $ $ $ $ 83000 X 83,000 X 120,000 X 120,000 X $ $ $ 124,500 X 41,500 X 180,000 X 60,000 X $ C. 55,333 X 110,667 X $ 80,000 X $ 160,000 X $ $ $ $ d. 87,650 X 78,350 X 124,650 X 115,350 X $ $ $ $ e. 67,650 X 98,350 X 104,650 X 135,350 X f. $ 65,050 X $ 100,950 X $ 94,650 X $ 145,350 X