PROBLEM 2 The APB partnership agreement specifies that partnership net income be allocated as follows: Partner A $30,000 Salary allowance Interest on average capital balances Remainder Partner P $10,000 10% 40% Partner B $40,000 10% 10% 40% 20% Average capital balances for the current year were $50,000 for A, $30,000 for P, and $20,000 for B. Refer to the information given. Assuming a current year net income of $50,000, how much income should be allocated to each partner? Show Computations