Randy Nolan and Jill Brenton formed a partnership on May 1, 20-1. Nolan contributed $51,000 and Brenton contributed $25,900. During the year, Nolan contributed an additional $10,000. The partnership agreement states that Nolan is to receive $13,600 and Brenton is to receive $52,300 as a salary allowance. Any remaining net income is to be divided as follows: Nolan, 40% and Brenton, 60%. The partnership earned net income of $113,300 for the fiscal year ending April 30, 20-2. During the first