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Present the income division section of the income statement

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Problem - Clinton and Dole had capital balances of $120,000 and $180,000 respectively at the beginning of the current fiscal year. The articles of partnership provide for salary allowances of $18,000 and $20,000 respectively, an allowance of interest at 12% on the capital balances at the beginning of the year, with the remaining net income divided equally. Net income for the current year was $100,000.

Required -

(a) Present the income division section of the income statement for the current year.

(b) Assuming that the net income had been $50,000 instead of $100,000, present the income division section of the income statement for the current year.

Reference no: EM132854914

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