On October 1, 2024, Allan, Bobby, and Clay formed the A, B and C partnership. Allan contributed $28,600; Bobby, $44,200; and Clay, $57,200. Allan will manage the store; Bobby will work in the store three-quarters of the time; and Clay will not work in the business. Read the requirements. Requirement 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2025, is $46,000, and the partnership agreement allocates 50% of profits to Allan, 40% to Bobby, and 10% to Clay. The agreement does not discuss the sharing of losses. (Use parentheses or a minus sign for loss amounts. Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate cell.) a. Net income (loss) Capital allocation: Allan Bobby Clay A, B and C Allocation of Profits and Losses Total capital allocation Net income (loss) remaining for allocation Net income (loss) allocated to each partner Allan Bobby Clay Total $ (46,000) 0 Requirements 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2025 is $46,000, and the partnership agreement allocates 50% of profits to Allan, 40% to Bobby, and 10% to Clay. The agreement does not discuss the sharing of losses. b. Net income for the year ended September 30, 2025, is $100,000. The first $30,000 is allocated on the basis of relative partner capital balances. The next $34,000 is based on service, with $24,000 going to Allan and $10,000 going to Bobby. Any remainder is shared equally. 2. Using plan b, prepare the partnership statement of partners' equity. Assume Allan, Bobby, and Clay each withdrew $15,000 from the partnership during the year. Print Done