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Question - The partnership agreement of XX, YY and ZZ provides for the year-end allocation of net income in the following order:
-First, XX is to receive 10% of net income up to P200,000 and 20% over P200,000.
-Second, YY and ZZ each are to receive 5% of the remaining income over P300,000.
-The balance of income is to be allocated equally among three partners.
The partnership's 20X1 net income was P500,000 before any allocation to partners. What amount should be allocated to XX?
a) P202,000
b) P216,000
c) P206,000
d) P220,000
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