Return to que TB MC Qu. 11-38 (Algo) Fred and Barney started a... Fred and Barney started a partnership. During Year 1, Fred invested $10.000 in the business and Barney invested $18,500. The partnership agreement called for each partner to receive an annual distribution equal to 14% 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 $24.000 during Year 1. How will the $24,000 of net income be split between Fred and Barney respectively? (Hint: Consider both the cash withdrawals and allocation of remaining income.) Fred $ 8,605 B$ 10,000 $ 12,000 D $ 11,405 Barney $ 7,415 $ 14,000 $ 12,000 $ 12,595 Multiple Choice Multiple Choice 54 Option A Option Optionc Option D