A and B organized AB partnership on January 1, 2020. The following entries were made into their capital accounts during 2019: A Dr Cr 1/1 4/1 10/1 20,000 5,000 5,000 B B Dr Cr 1/1 40,000 3/1 10,000 10,000 9/1 11/1 10,000 The partnership agreement called for the following in the allocation of partnership profits and losses: a. Salaries of $48,000 and $36,000 would be allocated to A and B, respectively. b. Interest of 8% on average capital balances. B will receive a bonus of 10% on all partnership billings in excess of $300,000. d. Any remaining profits or losses will be allocated 60/40 to A and B, respectively. C. Required: 1. Determine the distribution of partnership income assuming the partnership income is $85,000 and partnership billings amounted to $400,000. 2. Determine distribution of partnership net income of $165,000 on billings of $400,000