Fred and Barney started a partnership. During Year 1, Fred invested $16,500 in the business and Barney invested $25,000. The partnership agreement called for each partner to receive an annual distribution equal to $16% of his capital contribution. Any further earnings were to be retained in the business and divided equally between the partners. The partnership reported net income of $37,000 during Year 1. How will the $37,000 of net income be split between Fred and Barney respectively? (Hint Consider both the cash withdrawals and allocation of remaining income.) Fred Barney Multiple Choice $16.500 $20,500 $12.540 $11,180 $18,500 $13,500 517,020 $19,180