Equipment contributed in a partnership formation is recorded at a) Cost b) Book value c) Fair value d) zero Use the following to answer questions The APB partnership agreement specifies that partnership net income be allocated as follows: Average capital balances for the current year were $50,000 for A, $30,000 for P, and $20,000 for B. Refer to the information given. Assuming a current year net income of $50,000, how much of the remainder should be allocate partner? Refer to the information given. Assume a current year net income of $150,000, how much or the remainder should be all partner