On January 1, 2022, Thor and Loki formed Asgard Cleaning Services with capital investments of $270,000 and $120,000, respectively. The partnership agreement provides that profits are to be allocated as follows:

Annual salaries of $22,000 and $36,000 are granted to Thor and Loki, respectively.

Loki is entitled to a bonus of 12% of net income after salaries and bonus but before interest on capital investments is subtracted.

Each partner is to receive an interest credit of 6% on the original capital investment. Remaining profits are allocated 45% to Thor and 55% to Loki.

On December 31, 2008, the partnership reported net income before salaries, interest, and bonus of $275,000.

Requirements:

1. Calculate the allocation of Partnership Bonus.
2. Calculate the allocation of partnership Profit.