V. Isko, Manny and Ping are partners operating under the name IMP Partnership. During 2021, their average capital balances are as follows: Isko-P300,000: Manny P150.000: Ping P100.000. The articles of partnership provided the following terms of dividing profits and losses: a. Annual interest of 10% shall be given on average capital. b. Isko and Ping shall be given monthly salary allowances of P6,000 and P3,000, respectively. c. Ping, who manages the business, is to receive a bonus of 20% of income in excess of P25,000 after partners' interest and salary allowances 8 + 8 7 d. Residual profits will be divided in the ratio of 5:3:2 to Isko, Manny and Ping, respectively. Prepare a schedule of profit and loss distribution assuming: a. Partnership operations resulted to net income of P20,000 b. Partnership operations resulted to net loss of P20,000 6 P