Jack and Jill open a partnership that produces gates Jack provides $30,000 of capital while Jill contributes $90,000 of capital, they agree to split net income by the same proportion. The partnership's net income is $80,000 for the first year. They did not draw any income out of the business or add any additional capital during the first year At the end of the year, the partners' equity is Multiple Choice $50,000 for Jack and $150,000 for for a total of $200,000 O $200,000 minus the income tax paid by each partnet. $200,000 mirus income tax expense for the partnership $70,000 for Jack and $130.000 for for a total of $200.000