Lin and Coral invested $99,000 and $126,000, respectively, in a partnership they began one year ago....

Transcribed Image Text:

Lin and Coral invested $99,000 and $126,000, respectively, in a partnership they began one year ago. Assuming the partnership earned $240,000 during the current year; compute the share of the net income each partner should receive under each of these independent assumptions. a) The partnership contract specifies salary allowances of $45,000 to Lin and $60,000 to Coral, and any remaining balance is shared equally. Allocated Net Income Lin Coral b) The partnership contract specifies salary allowances of $45,000 to Lin and $60,000 to Coral, interest allowance of 10% on the partners' beginning capital balance for the year, and any remaining balance is shared equally. Allocated Net Income Lin Coral Lin and Coral invested $99,000 and $126,000, respectively, in a partnership they began one year ago. Assuming the partnership earned $240,000 during the current year; compute the share of the net income each partner should receive under each of these independent assumptions. a) The partnership contract specifies salary allowances of $45,000 to Lin and $60,000 to Coral, and any remaining balance is shared equally. Allocated Net Income Lin Coral b) The partnership contract specifies salary allowances of $45,000 to Lin and $60,000 to Coral, interest allowance of 10% on the partners' beginning capital balance for the year, and any remaining balance is shared equally. Allocated Net Income Lin Coral