The partnership agreement of Jones, King, and Lane provides for annual allocation of the business's profit or loss in the following sequence.

The partnership agreement of Jones, King, and Lane provides for annual allocation of the business's profit or loss in the following sequence. Jones, the managing partner receives a bonus equal to 25 percent of the business profit Each partner receives 12 percent interest on average capital investment Any residual profit or loss is divided equally The average capital investments for 2015 were as follows: Jones $200,000 King 400,000 Lane 600,000 How much of the $88,000 partnership profit for 2015 should be assigned to each partner? Income Assignment Jones King Lane