Left and Right are partners. Their capital accounts during 20X1 were as follows:

Partnership net income is $50,000 for the year. The partnership agreement provides for the division of income as follows:
1. Each partner is to be credited 8 percent interest on his or her average capital.
2. Any remaining income or loss is to be divided equally.

Required
Prepare an income distributionschedule.

Transcribed Image Text:

Left, Capital Right, Capital 9,000 1/1 7/6 8/23 6,000 1/ 30,000 35 4/3 103 6,000 50,000 7,000 107 5,000 8,000