EXERCISE 15-12Income Allocation with Bonus LQ6 The partnership agreement of ABC Associates provides that income should be allocated in the following man I. Each partner receives interest of 20% of beginning capital. 2. Sue receives a salary of $25,000 and Josh receives a salary of $21,000. 3. Josh also receives a bonus of 10%. 4. Residual-divided equally. The partnership's net income for 2008 was $90,000. Beginning capital balances were Sue, $30,000; Josh, $40,000. ner: Required: Prepare a schedule to allocate the netincome under each ofthe following independent situations A. Bonus is to be based on income before any profit allocation to partners for interest and salary. B. Bonus is to be based on income after subtracting the bonus, but before allocation to part- ners for interest and salary C. Bonus is to be based on income after subtracting the bonus, interest, and salary