Alaa, Sami and Ray, the partners in ASR Company, have capital balances on January 1, 2020 of s110,000, S77,000 and $33,000 respectively. The net income for the year is $25,000. The partnership...

Extracted text: Alaa, Sami and Ray, the partners in ASR Company, have capital balances on January 1, 2020 of s110,000, S77,000 and $33,000 respectively. The net income for the year is $25,000. The partnership income-sharing agreement indicates: 1. Annual salaries of $7,000 for Alaa, $5,500 for Sami, and $4,500 for Ray. 2. Interest of 7% on beginning capital balances for all partners. 3. Remaining income or loss to be shared based on the partner's beginning capital ratios Alaa's portion of Net Income is: $12,000 O $18,400 O $17,000 O $15,700 None of the above