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The net income of the Pine and Miles partnership is P180,000. The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of P120,000. Any remaining net income or net loss is shared equally.
Problem 1: What is Pine's share of the P180,000 net income?
a. P48,000
b. P60,000
c. P66,000
d. P78,000
Problem 2: What is the balance of Miles' Capital account at the end of the year after net income has been distributed?
a. P204,000
b. P192,000
c. P222,000
d. P210,000
Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
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