17. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribution of profits and losses: Carlos is to receive 10% of the profit up to P1,000,000 and 20% on the...

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Extracted text: 17. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribution of profits and losses: Carlos is to receive 10% of the profit up to P1,000,000 and 20% on the amount of excess; • Niza and Usop each, are to receive 5% of the remaining profit in excess of P1,500,000 after Carlos' share as per above; The balance to be divided equally. For the year just ended, the partnership realized a profit of P2,500,000 before distribution to partners. The share of Carlos is a. P1,080,000 b. P1,000,000 c. P1,300,000 d. P1,100,000