Veda Clark and Gordon Lewi have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $34,600 to Clark and $44,500 to Lewi 2. An interest allowance of 5% on capital balances at the beginning of the year 3. The remainder to be divided between Clark and Lewi on a 2:3 basis The capital balances on January 1, 2024, for Clark and Lewi were $91,800 and $113,100, respectively. For the year ended December 31, 2024, the Clark Lewi Partnership had sales of $380,800; cost of goods sold of $280,000; operating expenses of $145,600; V. Clark drawings of $26,820; and G. Lewi drawings of $32,256. Your answer is correct. Prepare an income statement for Clark Lewi Partnership for the year. Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses CLARK LEWI PARTNERSHIP Income Statement Year Ended December 31, 2024 380800 280000 i 100800 145600 i Loss for the Year $ 44800 i Loss Salary allowance V. Clark G. Lewi Total Deficiency remaining for allocation Interest allowance V. Clark G. Lewi Total $ V. Clark CLARK LEWI PARTNERSHIP Division of Loss Year Ended December 31, 2024 34600 i 4590 i G. Lewi 44500 i i i 5655 i $ T Deficiency remaining for allocation Fixed ratio V. Clark G. Lewi Total 53658 i i i 80487 i i i Loss remaining for allocation i i Loss allocated to the partners $ 14468 $ 30332 $