NC Partnership has current year net income of $173,000. The partnership agreement states that partners K. Nelson and V. Chavez should receive salary allowances of $42,000 and $50,000, respectively. Any remaining income or loss is to be allocated 35% to Nelson and 65% to Chavez. Nelson's share of the net income for the year is:
A)$102,550
B)$85,050
C)$43,050
D)$70,350
E)$60,550

Question

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The Answer of NC Partnership has current year net income of $173,000. The partnership agreement states that partners K. Nelson and V. Chavez should receive salary allowances of $42,000 and $50,000, respectively. Any remaining income or loss is to be allocated 35% to Nelson and 65% to Chavez. Nelson's share of the net income for the year is:
A)$102,550
B)$85,050
C)$43,050
D)$70,350
E)$60,550

NC Partnership Has Current Year Net Income of $173,000