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. The partnership agreement of Jones, King, and Lane provides for the annual allocation...

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Accounting

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The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence: - Jones, the managing partner, receives a bonus equal to 20 percent of the business's profit. - Each partner receives 15 percent interest on average capital investment. - Any residual profit or loss is divided equally. The average capital investments for 2021 were as follows: The partnership earned $90,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss amounts should be indicated with a minus sign.)

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