Problem 2: King and Queen are partners of Articraft Marketing showed to you their partnership agreement as follows: a). King will be allowed to an annual salary of P45,000 while Queen, P60,000 b. Both...

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Extracted text: Problem 2: King and Queen are partners of Articraft Marketing showed to you their partnership agreement as follows: a). King will be allowed to an annual salary of P45,000 while Queen, P60,000 b. Both are allowed to a 10% interest on their beginning capital balances of P80,000 and P50,000 respectively. c). Bonus is given to King, 20% of net income after salaries as the managing partner. d). Any remainder is divided based on 4:6 respectively. Required: Distribute the profit or loss to the partners under the following separate cases: a. Profit- P120,000 b. Profit- P110,000 c Loss-P90,000