The partnership agreement of Sleeter, Frisco, and Kinney provides for annual distribution of profitand loss in the following sequence: Frisco, the managing partner, receives a bonus of 10% of net income. Each partner receives 5% interest on average capital investment. Residual profit or loss is to be divided 4:2:4.Average capital investments for 2014 were:Sleeter$270,000Frisco$180,000Kinney$120,000Required:A.Prepare a schedule to allocate net income, assuming operations for the year resulted in:1.Net income of $75,000.2.Net income of $15,000.3.Net loss of $30,000.