Spongebob and Patrick established a partnership on January 1, 2021. Spongebob invested cash of P100,000 and Patrick invested P30,000 in cash and equipment with a book value of P40,000 and fair value of P50,000.

For both partners, the beginning capital balance was equal to the initial investment. Spongebob and Patrick agreed to the following procedure for sharing profits and losses:

(a) 12% interest on the yearly beginning capital balance;

(b) P10 per hour of work that can be billed to the partnerships client;

(c) The remainder is to be divided in a 3:2 ratio.

The Articles of Partnership specified that each partner should withdraw no more than P1,000 per month. For 2021, the partnership income was P70,000. Spongebob had 1,000 billable hours and Patrick worked 1,400 billable hours. In 2022, the partnership income was P24,000 and Spongebob and Patrick worked 800 and 1,200 billable hours, respectively. Each partner withdrew P1,000 per month throughout 2021 and 2022.

Determine the amount of income to be allocated to Spongebob for 2021.

Determine the amount of income to be allocated to Patrick for 2021.

How much is the ending capital balance of Spongebob for 2021?

How much is the ending capital balance of Patrick for 2021?

Determine the amount of income to be allocated to Spongebob for 2022 to the nearest peso.

Determine the amount of income to be allocated to Patrick for 2022 to the nearest peso.