Question: Use the following to answer questions a & b : The APB partnership agreement specifies that partnership net income be allocated as follows: Average capital

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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

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