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The partnership ogreement of Jones, King, and Lone provides for the annual allocation of the business's profit or loss in the following sequence: - Jones,
The partnership ogreement of Jones, King, and Lone provides for the annual allocation of the business's profit or loss in the following sequence: - Jones, the managing portner, receives a bonus equal to 25 percent of the business's profit. - Each partner receives 12 percent interest on average capital investment - Any residual profit or loss is divided equally. The overage capital investments for 2021 were as follows: The partnership earned $88,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the portners. (Loss amounts should be indicoted with a minus sign.)
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