Fred and Barney started a partnership. During Year 1, Fred invested $13,500 in the business and Barney invested $22,000. The partnership agreement called for each partner to receive an annual distribution equal to 12% 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 $31,000 during Year 1 . How will the $31,000 of net income be split between Fred and Barney respectively? (Hint: Consider both the cash withdrawals and allocation of remaining income.) Multiple Choice Option D Option B Option C Option A