1. Assume ABC Partnership earned a net income of P120,000 for the year. Three partners A, B and C will share in the net income. Their capital accounts are as follows: A, Capital 9/1 30,000 1/1 50,000 6/1 10,000 B, Capital 3/1 20,000 1/1 70,000 C, Capital 1/1 30,000 4/1 10,000 Prepare the entry to distribute net income among the three partners assuming: a. Net income is divided equally. b. Net income is divided as follows: A - 12; B - ; C - 14. c. Net income is divided as follows: A - 50%; B - 30%; C - 20%. d. Net income is divided as follows: 3:2:1 e. Net income is divided based on original/initial capital contribution which were as follows: A - P20,000; B - P30,000; C - P10,000. f. Net income is divided based on beginning capital balances. g. Net income is divided based on ending capital balances. h. Net income is divided based on average capital