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CoursHeroTranscribedText: 19. The partnership agreement of XX. YY & ZZ provides for the year-end allocation...

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Accounting

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CoursHeroTranscribedText: 19. The partnership agreement of XX. YY & 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 the three partners. The partnership's 201 1 net income was P500,000 before any allocations to partners. What amount should be allocated to XX? a. P202,000 C. P206,000 b . 216,000 d. 220,000 (AICPA)

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