The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence:
• Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit.
• Each partner receives 15 percent interest on average capital investment.
• Any residual profit or loss is divided equally.
The average capital investments for 2015 were as follows:
| Jones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 100,000 |
| King . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | |
| Lane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 |
How much of the $90,000 partnership profit for 2015 should be assigned to each partner?
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