14. G and H formed a partnership on January 2, 2003, and agreed to share income 90% and 10%, respective contributed a capital of P25,000. H contributed no capital but has a specialized expertise and manages the full-time. There were no withdrawals during the year. The partnership agreement provides for the following: Capital accounts are to be credited annually with interest at 5% of the beginning capital. H is to be paid a salary of P1,000 a month. H is to receive a bonus of 20% of income calculated before deducting his salary, bonus and interest on b capital accounts. The partnership's 2003 income statement follows: Revenues P96,450 Expenses (including salary, interest and bonus) 49,700 Net Income P46.750 What is H's 2003 bonus? a. P11,688 b. P12,000 c. P15,000 d. P15,738