Reference no: EM131725224

Question - A partnership comprised of two partners has the following information regarding income and loss allocation:

                                                                    Partner #1                     Partner #2

Initial investment                                           30,000                          40,000

Salary allowance                                            25,000                          20,000

Interest allowance in initial investment             10%                             10%

Allowance in initial investment                         10%                             10%

Remainder                                                    50%                             50%

In its first year of business, the partnership generates an income of 80,000. Please help create the schedule showing how much income should be allocated to each partner.