P15-12 Division of Income LO 15-5 C. Eastwood, A. North, and M. West are manufacturers representatives in the architecture business. Their capital accounts in the ENW partnership for 20X1 were as follows: C. Eastwood, Capital 9/1 9,800 1/1 31,600 5/1 8,000 A. North, Capital 3/1 10,800 1/1 41,500 7/1 5,900 9/1 5,400 M. West, Capital 8/1 12,300 1/1 51,200 4/1 7,100 6/1 4,300 Required: For each of the following independent income-sharing agreements, prepare an income distribution schedule. a. Salaries are $15,300 to Eastwood, $20,400 to North, and $18,500 to West. Eastwood receives a bonus of 5 percent of net income after deducting his bonus. Interest is 10 percent of ending capital balances. Eastwood, North, and West divide any remainder in a 3:3:4 ratio, respectively. Net income was $78,960. (Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.)

b. Interest is 10 percent of weighted-average capital balances. Salaries are $24,500 to Eastwood, $21,100 to North, and $26,300 to West. North receives a bonus of 10 percent of net income after deducting the bonus and her salary. Any remainder is divided equally. Net income was $68,290. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.)

. West receives a bonus of 20 percent of net income after deducting the bonus and the salaries. Salaries are $21,200 to Eastwood, $19,300 to North, and $15,500 to West. Interest is 10 percent of beginning capital balances. Eastwood, North, and West divide any remainder in an 8:7:5 ratio, respectively. Net income was $95,240. (Do not round intermediate calculations. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.)