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Partnership income allocation—Bonus
Arn, Bev, and Car are Partners who share profits and losses 40:40:20,
respectively, after Bev, who manages the partnership, receives a bonus
of 10 percent of income, net of the bonus. Partnership income of the
year is $198,000.
Required: Prepare a schedule to allocate partnership income to Arn, Bev, and Car.
