Katey is a California CPA practicing in California. Katey has been licensed in California for 20 years, all of those years in active status. She is a partner in the firm of Perry & Sherry, CPA's. Katey wants to renew her license in inactive status as she will be accepting a temporary position outside of public accounting. Which of the following apply to her renewal in inactive status?

Katey must have completed 80 hours of continuing education within the two years preceding her renewal in inactive status.

Katey may continue to receive a share of the net profits from Perry & Sherry, CPA's while her license is in inactive status.

There is no renewal fee to be paid upon Katey's renewal of her license in inactive status.

All of the above apply to her renewal in inactive status.

Both a. and b. apply to her renewal in inactive status.