Problem 22 Kate DeLeo and Joe Desmond decided to form a partnership on January 1. DeLeo invested $50,000 and Desmond invested $30,000. On Dec. 31, the end of the fiscal year, a net income of $100,000 was earned. Required: Determine the amount of net income that DeLeo and Desmond would receive under each of the following independent assumptions: a. There is no agreement concerning the distribution of net income. b. Each partner is to receive 10% on their original investment, and the remainder divided equally. C. DeLeo and Desmond are to receive a salary allowance of $35,000 and $45,000 respectively, and the remainder divided equally. d. Each partner is to receive 10% on their original investment, DeLeo and Desmond are to receive a salary allowance of $30,000 and $40,000 respectively, and the remainder divided as follows: 60% to DeLeo and 40% to Desmond. Problem 22 lar Total DeLeo Desmond Description Jea a. du b. C. an te th d. 7 of