Cleary, Wasser, and Nolan formed a partnership on January 1, 20x7, and made capital contributions of $100,000 (Cleary), $150,000 (Wasser), and $200,000 (Nolan), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partners beginning capital balance for the year; (2) annual compensation of $10,000 to Wasser; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Cleary; (b) 40% for Wasser; and (c) 40% for Nolan. Net income was $150,000 in 20x7 and $180,000 in 20x8. Each partner withdrew $1,000 for personal use every month during 20x7 and 20x8.

What was Wassers total share of net income for 20x7? (6 points)

Select one:

a.

$51,000

b.

$29,000

c.

$63,000

d.

$53,000

e.

$58,000