Question: need help with part C, please Partnership Income Allocation-Various Options The January 1, 2017, balance sheet of the partnership of Linda Kingston and Jeannette Allen

need help with part C, please
need help with part C, please Partnership Income Allocation-Various Options The January

Partnership Income Allocation-Various Options The January 1, 2017, balance sheet of the partnership of Linda Kingston and Jeannette Allen is shown below Assets Liabilities and Capital Cash $24.000 abilities $72.000 Other assets 216.000 Captainston 67,200 Capital Allen 100.800 Total assets 1240.000 Total abilities and capital $240.000 The partnership reported revenues of 596,000 and expenses of $66.000 for 2017. Neither partner withdrew funds from the partnership during the year Kingston invested $9,000 in the firm on ne 28, 2017 Required Compute the December 31, 2017, 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, 2017 Kingston 91.800 Allen 1 115,800 (b) The partnership agreement specifies that Kingston receives 65 percent of income and Allen 5 percent Balance at December 31, 2017 fonton 06.300 Allen (c) The partnership agreement specifies that income is divided equally after paying each partner 10 percent interest on her weged average capital balance Balance at December 11, 2017 on 57.620 * Alion

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