James and Doug Partnership earned a net income of $71,000 during 20X1.

James and Doug have agreed to distribute partnership net income according to the following plan.

James / Doug

1 Interest on average capital balances. 6% / 6%

2 Bonus on net income before the bonus but after interest on average capital balances10%/03Salaries. $38,000 / $18,061

4Residual. 70%. /. 30%

Additional Information

-James began the year with a capital balance of $44,700.

- Doug began the year with a capital balance of $117,000.

- On April 1, James invested an additional $21,600 into the partnership.

- On August 1, Doug invested an additional $25,000 into the partnership.Assume the partnership uses the calendar year.

Calculate the profit/loss distribution for all partners