Sun and Moon, LLP's equity section of the balance sheet shows the following information: Capital, Sun 50,000 Capital, Moon 75,000 Net Income 165,000 If the partnership does not have an agreement, how will net income be split between the partners? (answers on next page) Net Income will be retained by the partnership Net income will be split based on the partners capital balances Net income will be split evenly between partners The partners will only receive a salary Using the information from (16) above, if the partners agree to split net income based on their beginning capital balances, the partners will receive: Sun $82,500 and Moon $82,500 Sun $86,250 and Moon $78,750 Sun $67,500 and Moon $97,500 Sun $66,000 and Moon $99,000 Jake and Nellie are partners with beginning capital balances of $30,000 and $20,000 respectively. Jack is allocated a salary of $50,000 and Nellie $20,000. If the partners capital balances at the end of the year are $$85,000 and $45,000, the partnership must have had earned net income of: A 70,000 B 80,000 C 130,000 D 60,000