The net income of the Pine and Miles partnership is P180,000, The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership...

Extracted text: The net income of the Pine and Miles partnership is P180,000, The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of Pi20,000. Any remaining net income or net loss is shared equally. What is Pine's share of the Pi80,000 net income? *