17 01:43:57 Fred and Barney started a partnership. During Year 1, Fred invested $15,000 in the business and Barney invested $23,500. 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 $34,000 during Year 1. How will the $34,000 of net income be split between Fred and Barney respectively? (Hint: Consider both the cash withdrawals and allocation of remaining income.) Fred Barney eBook