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Kyle, and Midget invested $ 8 0 , 0 0 0 , $ 1 2 0 , 0 0 0 respectively in a partnership they

Kyle, and Midget invested $80,000, $120,000 respectively in a partnership they called KM Enterprises. They have agreed to share profits and losses in the following manner:(1) No partnership agreement, (2) salary allowances of $30,000 to Kyle, and $40,000 to Midget, and remainder divided equally. (3) interest on the original capital balance of each partner at the rate of 30%, and any remainder allocated equally. (4) Shared in a ratio of 2: 3Required: Compute the partner's shares of profits for 2023. Net income for 2023 was $150,000.

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