Chuck,Ron,and Wayne Are Partners in the Zieman Dance Hall Company

Essay

Chuck,Ron,and Wayne are partners in the Zieman Dance Hall Company with the following balances in their capital balances.
Chuck $120,000 Ron $70,000 Wayne $40,000
Their partnership agreement has the following provision for the division of income and losses.
Each partner to receive 10% of their capital balance.
Wayne has a salary allowance of $50,000
Any residual is to be divided on a 5:3:2 basis
Calculate how the following income and loss amounts would be divided among the parters:
A.$70,000 of net income
B.$15,000 net loss