Prepare a schedule to allocate partnership income to Arn, Bev, and Car.

Prepare a schedule to allocate partnership income to Arn, Bev, and Car.

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.


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