Allocating profits and losses to the partnersBagwell, McWilliams, and Briand have capital...

Allocating profits and losses to the partners

Bagwell, McWilliams, and Briand have capital balances of $24,000, $36,000, and $60,000, respectively. The partners share profits and losses as follows:

Requirement

1. Compute each partner’s share of the $112,000 net income for the year.