ssignment l Irene Watts and John Lyon are forming a partnership to which Watts will devote one-fourth time and Lyon will devote full time. They have discussed the following alternative plans for sharing income and loss: (a) in the ratio of their initial capital investments, which they have agreed will be $24,000 for Watts and $56,000 for Lyon: (b) in proportion to the time devoted to the business: (c) a salary allowance of $1.000 per month to Lyon and the balance in accordance with the ratio of their initial capital investments, or (d) a salary allowance of $1,000 per month to Lyon, 9% interest on their initial capital investments, and the balance shared equal . The partners expect the business to perform as follows: year 1, $17000 net loss: year 2. $42.500 net income: and year 3. $70.833 net income Required: Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of the four plans being considered. (Enter all allowances as positlve values. Enter losses as negative values. Do not round Intermedlate calculatlons. Round final answer to the nearest whole dollar) Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of the four plans being considered. Watts Lyon Total Plan (a) Net Income (oss) Balance allocated in proportion to 24000/80,000 S (17,000) aliocated in proportion to 58,000/80.000 initial investments Balance of income (oss) Shares to the partners Plan (b) Net Income (loss) Balance allocated in proportion to S (17,000) Watts Lyon Total S 17000) time devoted Ba ance of income (oss Shares to the partners Plan (c) Total Watts