Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to interest of 10% of the beginning capital balance each year, annual compensation of $10,000 to Wasser, and sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2010 and $180,000 in 2011. Each partner withdrew $1,000 for personal use every month during 2010 and 2011.
- What is Cleary's allocation of 2010 Net Income?
- What is Wasster's allocation of 2010 Net Income?
- What is Nolan's allocation of 2010 Net Income?