$\begin{array}{cc}\text{R}\text{e}\text{q}A2022& \text{R}\text{e}\text{q}A2023\text{R}\text{e}\text{q}A2024\end{array}$

Prepare schedules that allocate for $2023$ net income to the partners.

Note: Loss amounts should be indicated with a minus sign. Do not round intermediate calculatio answers to the nearest dollar amounts.

$\backslash$table$[[$Net Income Allocation$-2023],[,,$Kimble,Sykes,Gerard,Nichols,Totals$],[$Net loss,,,,,,$$(17,500)],[$Salary allowance,$$,99,000$vv$,$$$82,500,$$$,75,900,$$$,85,800,(343,200)],[$Interest$,,47,515,37,170,25,475,85,800$ox$,(195,960)],[$Bonus$,,00,00,00,00,0],[$Remainder to allocate,,,,,,$$(556,660)],[,(126,895),(126,895),(128,895),(126,895),507,580],[$Total allocation,$$,19,620,$$$,(7,225),$$$(25,520),$$$,44,705,$$$(49,080)]]15$A$-$ Kimble, Sykes, and Gerard open an accounting practice on January $1,2022,$ in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their years of experience. To establish the business, Kimble, Sykes, and Gerard contribute cash and other properties valued at $$293,000,$ $$222,500,$ and $$134,500,$ respectively. An articles of partnership agreement is drawn up stipulating the following:

$$ Personal drawings are allowed annually up to an amount equal to $10$ percent of the partner's beginning capital balance for the year.

$$ Profits and losses are allocated according to the following plan:

$1.$ Each partner receives an annual salary allowance of $$55$ per billable hours worked.

$2.$ Interest is credited to the partners$$ capital accounts at the rate of $12$ percent of the beginning capital balance for the year.

$3.$ Kimble and Sykes are eligible for an annual bonus of $10$ percent of net income after subtracting the bonus, salary allowance, and interest. The agreement also states that there will be no bonus if there is a net loss or if salary and interest result in a negative remainder of net income to be distributed.

$4.$ Any remaining partnership profit or loss is to be divided evenly among all partners.

On January $1,2023,$ the partners admit Nichols to the partnership. Nichols contributes cash directly to the business in an amount equal to a $25$ percent interest in the book value of the partnership property subsequent to this contribution. The partnership profit and loss sharing agreement is not altered upon Nichols's entrance into the firm; the general provisions continue to be applicable.

The billable hours for the partners during the first three years of operation follow:

$202220232024$

Kimble $3,7401,8001,880$

Sykes $3,4801,5001,620$

Gerard $3,3401,3801,310$

Nichols $01,5601,550$

The partnership reports net income $($loss$)$ for $2022$ through $2024$ as follows:

$2022$ $ $333,000$

$2023(17,500)$

$2024528,000$

Each partner withdraws the maximum allowable amount each year.

Required:

a$.$ Prepare schedules that allocate each year's net income to the partners.$(2023,2024)$