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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: Jones, the

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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the
business's profit or loss in the following sequence:
Jones, the managing partner, receives a bonus equal to 20 percent of the business's profit.
Each partner receives 15 percent interest on average capital investment.
Any residual profit or loss is divided equally.
The average capital investments for 2024 were as follows:
The partnership earned $90,000 net income for 2024. Prepare a schedule showing how the 2024 net
income should be allocated to the partners.
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