Problem #4 - 16 Use the following to answer questions a & b: The APB partnership agreement specifies that partnership Salary allowance Interest on average capital balances Remainder Partner A $30,000 10% 40% net income be allocated as follows: Partner P Partner B $10,000 $40,000 10% 20% 10% 40% Average capital balances for the current year were $20,000 for A, $30,000 for P, and $40,000 for B. If net income is $80,000, how much income is allocated to each partner? Show all computations. b. If net income is $89,000, how much income is allocated to each partner? Show all computations a.

Use the following to answer questions a&b : The APB partnership agreement specifies that partnership net income be allocated as follows: Average capital balances for the current year were $20,000 for A,$30,000 for P, and $40,000 for B. a. If net income is $80,000, how much income is allocated to each partner? Show all computations. b. If net income is $89,000, how much income is allocated to each partner? Show all computations