J, K and L formed a venture. The contractual arrangement provides that J is to manage the venture and is to receive a fee of 15% of the profit after deduction of the fee as an expense of the venture....

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Extracted text: J, K and L formed a venture. The contractual arrangement provides that J is to manage the venture and is to receive a fee of 15% of the profit after deduction of the fee as an expense of the venture. The net profit after the fee is be divided: J.25%; K, 40% and L, 35%. After 5 months, the joint venture is terminated. Debit Credit Joint venture 36,000 К, сарital 2,000 L, capital 8,000 The venture has still some unsold merchandise worth 10,000. J agreed to purchase such at cost. The fee of J has not yet been taken up. How much is the total income earned by J? • 18,000 • 14,400 • 16,000 • 10,000