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Partner 1 and Partner 2 contributed $240,000 and $260,000, respectively in a partnership they formed...

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Accounting

Partner 1 and Partner 2 contributed $240,000 and $260,000, respectively in a partnership they formed together. They have agreed to share profits and losses as follows: 1) The first $60,000 is to be allocated according to their original capital contributions to the partnership. 2) next will be based on their services: Partner 1 is to receive $50,000 and Partner 2 is to receive $55,000. 3) The remainder is to be allocated 3:5, respectively. If the business earns a net income of $218,000, what will each partner's share of income be? Show your calculations.

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