E15-3. Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,000 to Jones and $1,500 to Thompson. Capital balances on January 1 were as follows:

Jones$40,000

Silva25,000

Thompson30,000

Required:

Calculate the net income (loss) allocation to each partner under each of the following independent situations.

1. Net income for the year is $99,500.

2. Net income for the year is $38,300.

3. Net loss for the year is $15,100.