Response to the following problem:
Lawson, Martinez, and Norris have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows:
a. The first $40,000 is divided based on the partners' capital balances.
b. The next $40,000 is based on service, equally shared by Lawson and Edwards.
c. The remainder is divided equally.
Compute each partner's share of the business's $110,000 net income for the year.