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The partnership agreement of Moe, Berg & Tyrus provides for the year-end allocation of net income in the following order:
First, Moe is to receive 10% of net income up to $100,000 and 20% over $100,000.
Second, Berg and Tyrus are each to receive 5% of the remaining income over $150,000.
The balance of income is to be allocated equally among the three partners.
The partnership's net income was $250,000 before any allocations to partners. What amount should be allocated to Moe?
A.)$101,000
B.)$106,667
C.)$108,000
D.)$110,000
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