A partnership was formed on January 5 of the current year with the following capital
balances:
The Articles of Partnership stipulated that profits and losses are assigned as follows:
Each partner is allocated interest equal to 10% of the beginning capital balance.
Donald is allocated a $40,000 salary
Any remaining profits/losses are allocated on a 2:3:5 basis, respectively.
Each partner is allowed to withdraw up to $10,000 per year.
Net income of $150,000 was earned by the business in the current year.
Assuming that each partner withdraws the maximum amount, how much income is
allocated to Donald in the current year?