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 $10$ percent of the business$$s profit. Each partner receives $10$ percent interest on average capital investment. Any residual profit or loss is divided equally. The average capital investments for $2021$ were as follows: Jones $ $80,000$ King $160,000$ Lane $240,000$ The partnership earned $$40,000$ net income for $2021.$ Prepare a schedule showing how the $2021$ net income should be allocated to the partners. $($Loss amounts should be indicated with a minus sign.$)$ 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 $10$ percent of the business's profit. $-$ Each partner receives $10$ percent interest on average capital investment. $-$ Any residual profit or loss is divided equally. The average capital investments for $2021$ were as follows: The partnership earned $\backslash (\backslash$$ $40,000\backslash )$ net income for $2021.$ Prepare a schedule showing how the $2021$ net income should be allocated to the partners. $($Loss amounts should be indicated with a minus sign.$)$Prepare schedules that compute the balances in each partner's capital account at the end of Year One of partnership

operations.

Note: Amounts to be deducted should be indicated with minus sign.