PART TWO-OBJECTIVE QUESTIONS (32 POINTS) All answers related to PART TWO must be filled on the cover page schedules. A) Partnership Cases (16 points) M Presented below are 3 independent partnership capital: 30.00 10,000 Case #1 Division of Net Income (5 points) cases. 36 Yousef and Manal formed a partnership on January 2, 2019. Yousef invested land valued at $30,000, which he had purchased for $20,000 in 2015. Manal invested $120,000 in cash. H During 2019, Yousef and Manal withdrew cash of $4,000 and $6,000 respectively. Yousef possessed superior managerial skills and agreed to manage the firm. The partners agreed to the following profit and loss allocation formula: -Y 2,400 ony(Y a. Interest-8% on original capital investments < b. Salary-$60,000 annual salary to Yousef. M 9,800 c. Bonus-Yousef is to be allocated a bonus of 20% of net income after subtracting the bonus, interest allowances, and salary allowance. d. Any remaining profit or loss is to be divided between Yousef and Manal in the ratio of 40:60 respectively. Net income for 2019 amounted to $168,000. Required Calculate the following: 1. The amount of bonus given to Yousef." 16,000 2. The amount of net income allocated to Yousef. 110,400 3. The amount of net income allocated to Manal. $7,000 2 4. Yousef's ending capital at Dec. 31, 2012. 30,000 + 110,400 - 4,000 = 136,400" 5. Manal's ending capital at Dec. 31, 2019. 120,000+ 57,600-6,000=171,600 Beast - Drau