Friesen, Walters, and Onley have Capital balances of $12,000, $6,000, and $6,000, respectively. The partners share profits

Question:

Friesen, Walters, and Onley have Capital balances of $12,000, $6,000, and $6,000, respectively. The partners share profits and losses as follows:
a. The first $40,000 is divided based on the partners' capital investments.
b. The next $30,000 is based on service, shared equally by Friesen and Onley.
c. The remainder is divided equally.
Compute each partner's share of the $94,000 net income for the year.