With Explanation

a. Anderson, Maccoy, and Brook have capital balances of $20,000, 530,000, and $50,000, respectively. The partners share profits and losses as follows: The first $30,000 is divided based on the partners' capital balances. b. The next $30,000 is based on service, shared equally by Anderson and Brook. Maccoy does not receive a salary allowance. c. The remainder is divided equally. Read the requirements ..... Requirement 1. Compute each partner's share of the $72,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Anderson Maccoy Brook Total Net income (loss) Capital allocation: Anderson Maccoy Brook Salary allowance: Anderson Maccoy Brook Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Anderson Maccoy Brook Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners