Given Information:E15-2 Division of Income-Multiple Bases LO 15-5The partnership agreement of Angela and Dawn has the following provisions:1The partners are to earn 10 percent on theaverage capital.2Angela and Dawn are to earn salaries of$25,000 and $15,000, respectively.3Any remaining income or loss is to be dividedbetween Angela and Dawn using a 70:30ratio.Angela’s average capital is $50,000 and Dawn’s is $30,000.Required:Prepare an income distribution schedule assuming the income of the partnership is (a) $80,000 and (b)$20,000. If no partnership agreement exists, what does the UPA 1997 prescribe as the profit or lossdistribution percentages? (Amounts that are to be deducted from an individual partner’s capitalbalance should be entered with a minus sign.)Source: McGraw Hill, • Fundamentals of Advanced Accounting (5th edition) +Connect, Authors: • Hoyle, Schaefer, and Doupnik; ISBN • 9780077924379Student Name:Class:(a)

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