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Htrae, Yks, and Sduolc formed a partnership at the beginning of the current year by investing $100,000, $150,000, and $250,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $4,000 per month to Htrae and $2,000 per month to Yks; interest allowances of 12% of the initial capital investments for all three partners; and the remaining balance is to be shared in a 2:3:4 ratio. During the year, Htrae withdrew $20,000 cash, Yks withdrew $17,000 cash, and Sduolc withdrew $11,000 cash. The business earned a profit of $51,000 during the current year.
REQUIRED:
1. How much net income is allocated to each of the two partners for the year?
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