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Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $20,000 and that Wilkins is to invest $30,000. Drury is to devote full time to the business, and Wilkins is to devote one-half time. The following plans for the division of income are being considered:
a. Equal division.b. In the ratio of original investments.c. In the ratio of time devoted to the business.d. Interest of 10% on original investments and the remainder in the ratio of 3:2.e. Interest of 10% on original investments, salary allowances of $34,000 to Drury and $17,000 to Wilkins, and the remainder equally.f. Plan (e), except that Drury is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the salary allowances.For each plan, determine the division of the net income under each of the following assumptions:
(1) net income of $150,000 and
(2) net income of $66,000.
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