REQUIRED: Determine the allocation of the 2011 net income to the partners under

REQUIRED: Determine the allocation of the 2011 net income to the partners under each of the following sets of independent assumptions:1. Partnership net income is $60000 and profit is divided on the basis of average capital balances during the year.2. Partnership net income is $50000 Katie gets a bonus of 10% of income for managing the business and the remaining profits are divided on the basis of beginning capital balances.3. Partnership net loss is $35000 Molly receives a $12000 salary each partner is allowed 10% interest on beginning capital balances and the remaining profits are divided equally.