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Problem 6. On February |, 2024, AZ and Ralph formed a partnership. AZ contributed P2,000,000 cash and his services to the partnership, while Ralph contributed her equipment and her services to the partnership. The equipment was originally bought at the beginning of the previous year for P1,400,000 and had an estimated useful life of 10 years with no salvage value. The equipment has been independently evaluated by an appraiser at P1,300,000. The equipment still has an attached loan of P100,000, which will be assumed by the partnership. It is also agreed that Ralph will serve as a managing partner who is responsible for handling the day-to-day operations of the partnership. The following profit and loss sharing terms are agreed upon by the partners: * Monthly salary for industrial partners amounting to P5,000 each. * 12% interest based on original capital balance of capitalist partners. * 20% bonus for the managing partner based on net income after interests, salaries and bonus. * Remainder is to be shared in the ratio 60:40 for AZ and Ralph, respectively. During 2023, the partnership operations resulted to a net income of P1,110,000, and the partners withdrew 10% of their original capital contributions, 1. How much is the share of Ralph in the net income of the partnership during a. 523,960 b. 511,000 c. 446,200 d. 403,000 2. How much is the capital balance of AZ at the end of the calendar year 2024? a 2,599,000 b. 2,399,000 c. 2,362,727 d. 2,339,100