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What elaine share of the income would be

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Problem 1: Partners Gary and Elaine have agreed to share profits and losses in an 85:15 ratio respectively, after Gary is allowed a salary allowance of $29700 and Elaine is allowed a salary allowance of $15600. If the partnership had net income of $29900 for 2020, Elaine's share of the income would be

Option 1: $15400.
Option 2: $2140.
Option 3: $13290.
Option 4: $16610.

Reference no: EM132949734

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