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.