PROBLEM 1-20 The following balance sheet for the Partnership of A, B, and C were taken from the books on July 1, 2019: Assets Cash Other assets Liabilities and Capital 40,000 Liabilities 360,000 A Capital B Capital C Capital 400,000 TOTAL 100,000 74,000 130,000 96,000 400,000 TOTAL The partners agreed to distribute the profits as follows: a. Annual salaries to A and B of P 3,000 each; b. Allow interest of 6% on beginning capital; Allow a bonus of 10% to B, the bonus to be treated as an expense after salaries and interest; and d. Remaining, 40% to A, 40% to B. and 20% to C. C. Required: 1. If the net income of the partnership was P122,000 during the six-month period ending December 31, 2019, the total share of B in the net income is: 2. If C receives as his share of net income P42,880 for the six-month period ending December 31, 2019, the total net income realized by the partnership for the same period before salaries, interest and bonus was