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geNow Online Good G Holly and Luke formed a partnership, Investing $240,000 and $80,000, respectively. Determine their partid pation in the year's net income of
geNow Online Good G Holly and Luke formed a partnership, Investing $240,000 and $80,000, respectively. Determine their partid pation in the year's net income of $200,000 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 15% allowed on original Investments and the remainder divided in the ratio of 2:3 (2/5 to Holly and 3/5 to Luce) d. Salary allowances of $50,000 and $70,000, respectively, and the balance divided equally: e. Allowance of interest at the rate of 15% on original investments, salary allowances of $50,000 and $70,000, respectively, and the remainder divided equally Holly Luke Total b. . ; d
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