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QUESTION #2 Hope & Crosby Co. reports net income of $34,000. The partnership agreement provides for annual salaries of $24,000 for Hope and $15,000 for

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QUESTION #2 Hope & Crosby Co. reports net income of $34,000. The partnership agreement provides for annual salaries of $24,000 for Hope and $15,000 for Crosby and interest allowances of $4,000 to Hope and $6,000 to Crosby. Any remaining income or loss is to be shared 70% by Hope and 30% by Crosby. Instructions Compute the amount of net income distributed to each partner

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