P12-36B Beau, Cole, and Drake formed a partnership. Beau invested $15,000, Cole $20,000, and Drake $25,000. Beau will manage the store; Cole will work in the store half-time; and Drake will not work in the business. Requirements 1. Compute the partners' shares of profits and losses under each of the following plans: a. Ner loss is $50,000, and the partnership agreement allocates 40% of profits to Beau, 25% to Cole, and 35% to Drake. The agree- ment does not specify the sharing of losses. (pp. 601-602) continued... Partnerships 631 b. Net income for the year ended January 31, 2009, is $177,000. The first $75,000 is allocated based on partner capital balances, and the next $36,000 is based on service, with Beau receiving $28,000 and Cole receiving $8,000. Any remainder is shared equally. (pp. 602-603) 2. Revenues for the year ended January 31, 2009, were $507,000, and expenses were $330,000. Under plan (b) above, prepare the partner saip income statement for the year. (p. 614)