Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of S 12,000 and S 18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year was $30,000? 3. If Everly Company issues 1,000 shares of $5 par value common stock for $75,000, the account a. Common Stock will be credited for $75,000. b. Paid-in Capital in excess of Par Value will be credited for $5,000 c. Paid-in Capital in excess of Par Value will be credited for $70,000 d. Cash will be debited for $70,000. 4