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The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows:
Mara - P 140,000;
Mira - P 100,000;
Kara - P 120,000.
The articles of partnership provided the following terms:
1. Annual interest of 5% on their average capital balances.
2. Salary allowances as follows: Mara - P 40,000 and Mira - P 60,000.
3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances.
4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara.
Problem 1: How much will Mira receive if the net income earned is P 155,000?
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