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Business, 07.12.2021 01:20 jessezarate4513

Shelby and Mortonson formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls for Shelby to receive a $60,000 per year salary. Also, each partner iss to receive an interest allowance equal to 10% of partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Shelby and Mortonson's respective shares are:. A. $67,500; $67,500
B. $92,500; 42,500
C. $57,857; $77,143
D. $90,000; $40,000
E. $35,000; $100,000

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