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 16 percent interest on average capital investment.Any residual profit or loss is divided equally.

The average capital investments for 2015 were as follows:

Jones$165,000 King330,000 Lane495,000How much of the $75,000 partnership profit for 2015 should be assigned to each partner?

INCOME ASSIGNMENTJONESKINGLANE