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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 19 percent interest on average capital investment. - Any residual profit or loss is divided equally. The average capital investments for 2021 were as follows: The partnership earned $75,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss amounts should be indicated with a minus sign.) The E.N.D. partnership has the following capital balances as of the end of the current year: Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $125,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $325,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.) Answer is complete but not entirely correct

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