20x9 is presented below: Problem 22: The condensed income statement of DJ Co. as of December 31, Sales COGS Gross Profit Operating Expenses Income before income tax Income tax Net Income D 50,000 960,000 6. 420,000 540,000 BA 12, mo (200,000 340,000 yoms (119,000) 221,000 10. The profit and loss agreement specifies that: 1. Interest of 5% is allowed on capital balances. (Capital balances are P50,000 and P30,000 respectively, while withdrawals debited from drawing account during the year P6,000 and P10,000, respectively). 2. 3. Salary allowances to D and J are to be P12,000 and P8,000 respectively. A bonus is given to D equal to 10% of net profit without regard to interest and salary: 4. Remaining profits and losses are to be divided in the ratio of capital balances. The capital balance of J at December 31, 20x9 should be: a. P65,587.50 c. P75,087.50 b. P95,087.50