The JPB partnership reported net income of $160,000 for the year ended December 31, 20X8. According to the partnership agreement, partnership profits and losses are to be distributed as follows: JPBSalaries$50,000 $60,000 $30,000 Bonus on net income 10% 5% 10% Remainder (if positive) 60% 30% 10% Remainder (if negative) 30% 40% 30% How should partnership net income for 20X8 be allocated to J, P, and B? JPBA)$96,000 $48,000 $16,000 B)$58,000 $64,000 $38,000 C)$60,000 $60,000 $40,000 D)$66,000 $68,000 $46,000
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
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