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Applying the interest allowance method, compute Julies and Jennifers share of net income if Julie...

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Accounting

Applying the interest allowance method, compute Julies and Jennifers share of net income if Julie invested $40,000 and Jennifer invested $24,000 at an 8% interest rate, with the remainder to be divided equally. Net income was $10,000.

a. Julie $3,200;jennifer $1,920

b. Julie $6,250; Jenifer $3,750

c. Julie $5,640; Jennifer $4,360

d. None of the above

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