EXERCISE 15-3 Allocation of Income or Loss LO 6 Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recog- nition 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 Silva Thompson $40,000 25,000 30,000 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.