C. Eastwood, A. North, and M. West are manufacturers' representatives in the architecture business. Their capital accounts in the ENW partnership for 20X1 were as follows: C. Eastwood, Capital A. North, Capital M. West, Capital Debit 9/1 10,000 Credit 1/1 5/1 31,900 6,100 Debit 3/1 Credit Debit 10,800 1/1 7/1 41,800 6,000 8/1 12,100 Credit 1/1 4/1 51,700 7,900 9/1 5,400 6/1 3,600 Required: For each of the following independent income-sharing agreements, prepare an income distribution schedule. a. Salaries are $15,700 to Eastwood, $21,500 to North, and $19,600 to West. Eastwood receives a bonus of 5 percent of net income after deducting his bonus. Interest is 10 percent of ending capital balances. Eastwood, North, and West divide any remainder in a 3:3:4 ratio, respectively. Net income was $79,590. b. Interest is 10 percent of weighted-average capital balances. Salaries are $24,800 to Eastwood, $22,400 to North, and $26,100 to West. North receives a bonus of 10 percent of net income after deducting the bonus and her salary. Any remainder is divided equally. Net income was $70,030. c. West receives a bonus of 20 percent of net income after deducting the bonus and the salaries. Salaries are $21,900 to Eastwood, $18,900 to North, and $16,400 to West. Interest is 10 percent of beginning capital balances. Eastwood, North, and West divide any remainder in an 8:7:5 ratio, respectively. Net income was $96,560. Complete this question by entering your answers in the tabs below. Required A Required B Required C For each of the following independent income-sharing agreements, prepare an income distribution schedule. Salaries are $15,700 to Eastwood, $21,500 to North, and $19,600 to West. Eastwood receives a bonus of 5 percent of net income after deducting his bonus. Interest is 10 percent of ending capital balances. Eastwood, North, and West divide any remainder in a 3:3:4 ratio, respectively. Net income was $79,590. Note: Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign. Profit ratio Ending capital Net income Salary Bonus Interest on ending capital balance Residual income (deficit) Allocate Total Eastwood North West Total 0 $ 0 $ 0 $ 0 0 0 0 $ 0 0 69 $ 0 Show less▲