EX 12-3 Dividing partnership income Obj. 2 Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively. Determine their participation in the year's net income of Show $290,000 under each of the following independent assumptions: (a) no agreement concerning division of net income; (b) divided in the ratio of original capital investment; (c) interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3; (d) salary allowances of $36,000 and $45,000, respectively, and the balance divided equally (e) allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $45,000, respectively, and the remainder divided equally. How Answer i Check Figure: Hawes, $217,500 EX 12-4 Dividing partnership income Obj.2 Using each of the five assumptions as to income division listed in Exercise 12- 3, determine the income participation of Hawes and Albright if the year's net income is $104,000. ow How Answer Check Figure: Hawes, $46,500