Partnership Income Allocation-Various Options The January 1, 2023, balance sheet of the partnership of Linda Kingston...

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Partnership Income Allocation-Various Options The January 1, 2023, balance sheet of the partnership of Linda Kingston and Jeannette Allen is shown below. Assets Liabilities and Capital Cash $20,000 Liabilities $60,000 160,000 Capital Allen 180,000 Other assets 380,000 Capital - Kingston Total assets $400,000 Total liabilities and capital $400,000 The partnership reported income of $100,000 for 2023. Neither partner withdrew funds from the partnership during the year. Kingston invested $10,000 in the firm on September 30, 2023. r CL Required Compute the December 31, 2023, capital balance for each partner under each of the following assumptions: (a) The partnership agreement does not specify how income is to be divided. Balance at December 31, 2023 PP R eet on 1 Kingston Allen $ $ x (b) The partnership agreement specifies that Kingston receives 65 percent of income and Allen 35 percent. Balance at December 31, 2023 Kingston Allen $ $ 0x 0x Partnership Income Allocation-Various Options The January 1, 2023, balance sheet of the partnership of Linda Kingston and Jeannette Allen is shown below. Assets Liabilities and Capital Cash $20,000 Liabilities $60,000 160,000 Capital Allen 180,000 Other assets 380,000 Capital - Kingston Total assets $400,000 Total liabilities and capital $400,000 The partnership reported income of $100,000 for 2023. Neither partner withdrew funds from the partnership during the year. Kingston invested $10,000 in the firm on September 30, 2023. r CL Required Compute the December 31, 2023, capital balance for each partner under each of the following assumptions: (a) The partnership agreement does not specify how income is to be divided. Balance at December 31, 2023 PP R eet on 1 Kingston Allen $ $ x (b) The partnership agreement specifies that Kingston receives 65 percent of income and Allen 35 percent. Balance at December 31, 2023 Kingston Allen $ $ 0x 0x