Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik

Exercise 15

The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence:
• Jones, the managing partner, receives a bonus equal to 20 percent of the business's profit.
• Each partner receives 15 percent interest on average capital investment.
• Any residual profit or loss is divided equally.
The average capital investments for 2013 were as follows:

How much of the $90,000 partnership profit for 2013 should be assigned to each partner