The following data applies to Questions 8 - 9:

The APB partnership agreement specifies that partnership net income be allocated as follows:

	Partner A	Partner P	Partner B
Salary allowance	$30,000	$10,000	$40,000
Interest on average capital balances	10%	10%	10%
Remainder	40%	40%	20%

Average capital balances for the current year were $50,000 for A, $30,000 for P, and $20,000 for B.

8. Refer to the information given. Assuming a current year net income of $150,000, what amount should be allocated to each partner?

	Partner A	Partner P	Partner B
A)	$60,000	$60,000	$30,000
B)	$59,000	$37,000	$54,000
C)	$24,000	$24,000	$12,000
D)	$58,000	$38,000	$54,000

A. Option A B. Option B C. Option C D. Option D

9. Refer to the information given. Assuming a current year net income of $50,000, what amount should be allocated to each partner?

	Partner A	Partner P	Partner B
A)	$20,000	$20,000	$10,000
B)	$16,000	$16,000	$8,000
C)	$19,000	($3,000)	$34,000
D)	$17,000	$0	$33,000

A. Option A B. Option B C. Option C D. Option D