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QS 12-5 (Algo) Partnership income allocation LO P2 Stolton and Bright are partners in a business they started two years ago. The parthership agreement states

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QS 12-5 (Algo) Partnership income allocation LO P2 Stolton and Bright are partners in a business they started two years ago. The parthership agreement states that Stolton should receive a salary allowance of $16,800 and that Bright should receive a $21,100 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $55,600. Note: Enter all allowances as positive values, Enter losses, if any, as negative values

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