Question: Question 4: (10 Points): C1, C3, D1 Ramzi and Sanhareb formed a partnership on January 2, 2023. Sanhareb invested $120,000 in cash. Ramzi invested land

Question 4: (10 Points): C1, C3, D1 Ramzi and Sanhareb formed a partnership on January 2, 2023. Sanhareb invested $120,000 in cash. Ramzi invested land valued at $30,000. In addition, Ramzi granted a y early salary of $60,000 to manage the firm. The partners agreed to the following profit and loss allocation formula: a. Interest-Each partner is to receive an interest of 8% on the original capital investmen. b. Salary - $60,000 to Ramzi. c. Bonus - Ramzi is to be allocated a bonus of 20% of net income after subtracting the bonus, and salary. d. Remaining profit is to be divided equaliy. At the end of 2023 the partnership reported net income before interest, salaries, and bonus of $168,000. Instructions: Calculate the 2023 allocation of partnership profit.(Hint: Calculate the bonus first)

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