eBook Show Me How a Calculator Print Hem Dividing Partnership Income Morrison and Greene have decided to om a partnership. They have agreed that Morrison is to invest $171 000 and that Greene is to invest $57,000. 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 For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $160,000 and (2) net income of $245,000. Round answers to the nearest whole dollar. 160,000 $245,000 Plan Morrison Greene Morrison Greene 80,000!-/ so,000 s 122,500V $483,750) v SL.- s| 122,500| s 120,000, v {40,000) v * 61,250] b. 53,333 106,667 81,667 163,333 s(134,080) v s( 91,580|V 92,580 v e.( 68,4 20)v $ 110,920) v 67,420 109,420X 155,580X Feedback " Check My Work Set up a column for each partner for each net income assumption, a. Allocate income to the partners based on the income sharing agreement, if any b. Allocate income to the partners based on the partners' original investments Allocate income to the partners based on the ratio of time devoted to the business, c. d. Apply the interest e. Apply salary and interest allowances first. Then allocate the remaining income/loss equal allowance to the partners first. Then allocate the remaining income equally Previous Chack My Work All work saved