(Answered) Allocating profits and losses to the partnersbagwell

Accounting

Allocating profits and losses to the partners

Bagwell, McWilliams, and Briand have capital balances of $24,000, $36,000, and $60,000, respectively. The partners share profits and losses as follows:

a. The first $50,000 is divided based on the partners' capital balances.

b. The next $50,000 is based on service, shared equally by Bagwell and Briand.

c. The remainder is divided equally.

Requirement

1. Compute each partner's share of the $112,000 net income for the year.

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