9. The partnership contract for Clark & Davis LLP provides that “net income or losses are to be distributed in the ratio of partners’ capital account balances.” The appropriate interpretation of this provision is that net income or losses should be distributed in:

a. The ratio of beginning capital account balances.

b. The ratio of average capital account balances.

c. The ratio of ending account balances (before distribution of net income or loss).

d. One of the foregoing methods to be specified by partners Clark and Davis.