ACC102 FUNDAMENTALS OF ACCOUNTING PART II BSBA FM

REVIEW
Definition of Partnership
By the contract of partnership, two or more persons bind themselves to contribute money, property or industry into a
common fund for purpose of having profit and dividing profit among themselves. (Article 1767 of the New Civil Code of
the Philippines)

Stages of Partnership:
I. Formation:
A. Net investment
B. Bonus
C. Goodwill

II. Operations:
A. Sharing of partnership income or loss based on agreements as regards Salaries; Interest; Bonus and the
Remainder.
B. If the partners agreed on the profit ratio but silent as to the loss ratio, Article 1797 of the Civil Code
provides that losses shall be in the same proportion with profit.
C. In the absence of stipulation, same article provides that profits and losses shall generally be divided in
proportion to the partner’s respective contribution.

III. Dissolution:
A. By Retirement of a partner/s
B. By Admission of a partner/s
C. By Incorporation
D. By Death of a partner/s

IV. Liquidation:
A. Lump Sum
B. Installment:
a. Using Cash Priority Program
b. Using Schedule of Safe Payment
c. Using Adjustment Technique

I. FORMATION

Capital Accounts
The initial investments by each partner is recorded by debiting the assets contributed, crediting any liabilities assumed by
the firm, and crediting the partner’s capital account at the fair value of the net assets (assets minus liabilities)
contributed.
 Partner’s equity is increased by additional investments at fair value at the time of investment and any share of
net income.

The entry of such investment is:

Cash xxx
Non Cash Assets (FV) xxx
A, Capital xxx
B, Capital xxx

 Partner’s equity is decreased by withdrawal of cash or other assets and share of net losses. Withdrawals of large
and irregular accounts are ordinarily charged directly to the withdrawing partner’s capital account.

The entry for such a withdrawal is:

A, Capital xxx
Cash xxx
Withdrawal of cash.
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ACC102 FUNDAMENTALS OF ACCOUNTING PART II BSBA FM
If noncash assets are invested, the following should be the basis for valuation according to level of priority:
1. Agreed Value of the property at the time of investment because partnership is a contract
2. Fair Market Value of the property at time of investment. Theoretically the agreed value should be equivalent to
the fair market value.
3. Book Value or Carrying Value in case no available fair market value
4. Cost of the property in rare instances

At the end of each accounting period, the net income or loss in the partnership’s Income Summary ledger account is
transferred to the partner’s capital accounts in accordance with the partnership contract.

If the Income Summary Account has:

 Credit balance. It means that partnership earns profit. Hence, there is an increase in capital account of the
partners.
 Debit balance. It means that partnership incurs loss. Hence, a decrease in capital account of the partners.

On occasion, a partner’s capital account may have a debit balance, called a deficiency or sometimes called a deficit, which
occurs when the capital accounts debit balance is greater than the credit balance. A deficiency is usually eliminated by
additional capital contributions.

Accounting entries to record the formation will depend upon how the partnership is formed. A partnership may be formed
in several ways:
1. Formation of a partnership for the first time
2. Conversion of a sole proprietorship to a partnership
a. A sole proprietor allows another individual, who has no business if his own to join the business
b. Two or more sole proprietors form a partnership
3. Admission of a new partner (Partnership Dissolution)

Methods in accounting for the capital accounts of the partners

1. Net Investment Method (NIM). Under this method, the capital accounts of each partner shall be equivalent to the
amount contributed by them. In case a partner is required to either invest or withdraw in order to conform with
the agreed capital ratio, there is a change in the original contribution in order to comply with the agreement.
Thus, under this method the total contributed capital is always equal to the agreed capital since the amount
contributed by a partner is always equal to his capital credit.
2. Bonus Method (BM). This method provides that there is transfer of capital from one partner to another. Moreover,
there is no need for additional investment or withdrawal in order to conform with the agreed capital ratio. The
total contributed capital is also equal to the total agreed capital but the amount contributed by a partner shall not
be equal to his capital credit.
3. Goodwill Method (GM). Under this method, the equalization of capital balance to agree with capital interests will
require the recognition of goodwill as an asset. Thus, the total contributed capital shall not be equal to the total
agreed capital of the partners.

A decision to use one method over the other is depended on the agreement of the partners. In the absence of any
agreement, the bonus method is preferred.

PROBLEM A
Melai admits Nora as partner in business. Just before the partnership’s formation, Melai’s books showed the following:
Cash 2,600  
Accounts receivable 12,000  
Merchandise inventory 18,000  
Accounts payable   6,200
Melai, Capital   26,400
It was agreed that, for purposes of establishing Melai’s investment in the firm, the following adjustments shall be
reflected:

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ACC102 FUNDAMENTALS OF ACCOUNTING PART II BSBA FM
 Allowance for bad debts of 2% should be set up.
 Merchandise inventory should be valued at P20,200.
 Prepaid expenses of P350 and accrued expenses of P400 should be recognized.
1. How much is the adjusted capital of Melai prior to admission of Nora?
a. 14,155
b. 26,400
c. 28,310
d. 28,410

2. How much cash should Nora invest to secure a one-third interest in the partnership?
a. 14,155
b. 26,400
c. 28,310
d. 28,410

3. If Nora contributed an equipment with carrying value of P4,000 and fair value of P4,500, how much was
contributed for a one-fifth interest in the partnership?
a. 2,577.50
b. 7,077.50
c. 14,155.00
d. 35,387.50

PROBLEM B
On May 1, 2020, the business assets and liabilities of Joe and Pete were as follows:
  Joe Pete
Cash 28,000 62,000
Receivables 200,000 600,000
Inventories 120,000 200,000
Land, buildings, and equipment 650,000 535,000
Other assets 2,000 3,000
Accounts payable (180,000) (250,000)
Notes payable (200,000) (350,000)
Joe and Pete agreed to form a partnership by contributing their net assets, subject to the following adjustments:
 Receivables of P20,000 in Joe’s books and P40,000 in Pete’s books are uncollectible.
 Inventories of P6,000 and P7,000 in the respective books of Joe and Pete are worthless.
 Other assets in both books are to be written off.
4. Upon the partnership’s formation, the respective capital of partners Joe and Pete would be?
a. 592,000 and 750,000
b. 620,000 and 800,000
c. 592,000 and 800,000
d. 520,000 and 750,000

5. Under the Bonus Method, if the partner agreed to have a capital ratio of 40:60 for Joe and Pete respectively, how
much is the amount of Bonus to or (from) Joe?
a. 55,200 bonus to Joe
b. (55,200) bonus from Joe
c. 79,000 bonus to Joe
d. (79,000) bonus from Pete

6. Under the Bonus Method, if the partner agreed to have a capital ratio of 40:60 for Joe and Pete, how much is the
adjusted capital of Pete?
a. 805,200
b. 750,000
c. 592,000
d. 536,800
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ACC102 FUNDAMENTALS OF ACCOUNTING PART II BSBA FM
7. Under Bonus Method, if the partner agreed to have a capital ratio of 60:40 for Joe and Pete and they further
agreed to have a total capital of P1,500,000, how much is the amount of bonus to or (from) Joe?
a. 150,000 bonus to Joe
b. (150,000) bonus from Joe
c. 308,000 bonus to Joe
d. (308,000) bonus from Joe

8. Under Bonus Method, if the partner agreed to have a capital ratio of 60:40 for Joe and Pete, and they further
agreed to have a total capital of P1,500,000, how much is the adjusted capital of Joe?
a. 900,000
b. 750,000
c. 600,000
d. 592,000

9. If the partners agreed that Joe should withdraw or invest in order to have a capital ratio of 40%, how much
should be the amount of additional investment or withdrawal?
a. 92,000 investment
b. 92,000 withdrawal
c. 296,000 investment
d. 296,000 withdrawal

10. If the partners agreed that Joe should withdraw or invest in order to have a capital ratio of 40%, how much is
the adjusted capital of Joe and Pete?
a. 592,000 and 750,000
b. 500,000 and 750,000
c. 592,000 and 888,000
d. 888,000 and 750,000

11. If the partner agreed to revalue assets to maintain 40:60 capital ratio for Joe and Pete, how much is the adjusted
capital of Joe?
a. 500,000
b. 592,000
c. 750,000
d. 888,000

12. If the partner agreed to revalue assets to maintain 40:60 capital ratio for Joe and Pete, how much is the adjusted
capital of Pete?
a. 500,000
b. 592,000
c. 750,000
d. 888,000

13. If the partner agreed to effect revaluation down of assets to maintain 40:60 capital ratio for Joe and Pete, how
much is the adjusted capital of Joe?
a. 500,000
b. 592,000
c. 750,000
d. 888,000

14. If the partner agreed to effect revaluation down of assets to maintain 40:60 capital ratio for Joe and Pete, how
much is the adjusted capital of Pete?
a. 500,000
b. 592,000
c. 750,000
d. 888,000
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ACC102 FUNDAMENTALS OF ACCOUNTING PART II BSBA FM
II. PARTNERSHIP OPERATIONS
Accounting for a partnership form of business is basically similar to that of a sole proprietorship. For example, Purchase of
supplies is debited either to Supplies or Supplies Expense account and when merchandise are sold on account, the entry
is to debit Accounts receivable and credit the Sales account which is the same as that of a sole proprietorship. In fact the
Accounting Cycle of a Partnership is similar to that of sole proprietorship.

The computation of the result of business’ operation of a partnership is essentially the same as that of the sole
proprietorship. But the distribution to individual partners of this profit or loss is the primary objective of the accounting
process.

As a rule profits and losses are to be allocated based on the partnership agreement. Various methods exist for the
division of partnership profits and losses, including the following:
1. Equally
2. Arbitrary ratio
3. Capital balance ratio
a. Original Capital (Initial Investment)
b. Beginning Capital for the Year
c. Average Capital
i. Simple average
ii. Weighted average
d. Ending Capital for the Year
4. Interest on Capital and/or Balances and the remainder based on an agreed ratio
5. Salaries to partners and the remainder based on an agreed ratio
6. Bonus to partners and the remainder based on an agreed ratio
7. A combination of salaries, interest and/or bonus and the remainder based on an agreed ratio

The prevailing factor in a given situation regarding division of profits and losses should be the partnership agreement,
since this agreement is binding on the partners. If no profit and loss sharing agreement is specified, partnership law
states that the division of profits will be based on original capital contributions (initial investment). In the absence of
original capital, beginning capital for the year may be used.

If the agreement specifies how profits are to be distributed, but is silent as to losses, losses are to be shared in the same
manner as profits. The profit and loss sharing ratio is independent of the partners’ ownership interests (capital balances).
Any relationship is merely coincidental and is on a case to case basis. Thus, two partners may have ownership interest of
70:30 but share profits and losses equally.

The following points should be remembered regarding the division of partnership profits and losses:
1. Distribution of salaries, interest and bonus to partners are just a means of profit distribution. They are not be treated as an expense.
They are part of the profit sharing plan. Salaries, interest and bonus represent a partner’s return of the following
investments/contributions.
a. Services rendered – provide salaries to give recognition to the ability, experience or time devoted by a partner to the
business.
b. Capital investment – provide to give recognition to differences in the capital contribution given in proportion to the period
such capital was actually used.
c. Entrepreneurial ability or managerial skill – provide bonus which is an incentive or special compensation which is usually
based on net income.

2. If there is a bonus agreement, determine the basis of computing the bonus which is usually based on net income after deducting
either salaries, interest, bonus or a combination of any of the three. Bonus is not applicable if the base is negative.

3. The rules and methods in the preceding sections generally apply to capitalist partners. However, they may also apply to industrial
partners bearing in mind the following points.
a. If there is a profit, the industrial partner will share according to the profit sharing agreement. In the absence of an
agreement, the industrial partner will receive what is “just and equitable” under the circumstances.
b. If the partnership incurs a loss, the industrial partner will still share according to their loss sharing agreement, if any. If
there is no agreement with regards to the industrial partner sharing in the loss, he is exempted from sharing in the
partnership loss. It does not follow that when the partnership sustains a loss, the industrial partner will not share in
partnership losses. Their agreement will still be the prevailing factor.

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ACC102 FUNDAMENTALS OF ACCOUNTING PART II BSBA FM
PROBLEM A
Geehan partnership begins its first year of operations with Gee, capital of 160,000 and Han, Capital of 80,000. According
to the partnership agreement, all profits will be distributed as follows:
a. Gee will be allowed a month salary of P10,000.
b. The partners will be allowed with interest equal to 10% of the capital balance as of the first year of the year.
c. Gee will be allowed a bonus of 10% of the net income after salaries.
d. The remainder will be divided on the basis of 60:40 for the 1 st year and 50:50 for the 2nd year. Assume further,
that the partnership generated Net Income of P320,000 for the 1 st year and P200,000 for the 2nd year.
1. What is the share of Han in the net income for the 1 st year?
a. 70,400
b. 150,400
c. 249,600
d. 409,600

2. What is the share of Gee in the net income for the 1 st year?
a. 70,400
b. 150,400
c. 249,600
d. 409,600

3. How much is the adjusted capital of Gee in the beginning of the 2nd year?
a. 150,400
b. 249,600
c. 409,600
d. 586,560

4. What is the share of Han in the net income for the 2 nd year?
a. 23,040
b. 173,440
c. 176,960
d. 586,560

5. What is the share of Gee in the net income for the 2 nd year?
a. 23,040
b. 173,440
c. 176,960
d. 586,560

PROBLEM B
Dada and Mama, had capital accounts in 2020 as follows:

Dada, Capital Mama, Capital

4/1 5,000 1/1 38,000 9/1 3,000 1/1 15,000
7/31 10,000 10/1 1,000 6/1 10,000
9/30 5,000 11/30 5,000
12/1 4,000  

 Mama and Dada received a monthly salary of P2,000 and P1,000.

 Dada receives a 20% bonus based on income after salaries, interest but before bonus.
 Interest is 5% of their capital balances.
 The remainder shall be allocated based on ending capital balances if negative while it shall be based on average
capital balances if positive (Use two decimal places).

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6. What is the average capital balance of Mama?
a. 20,000
b. 40,000
c. 41,266
d. 58,733

7. What is the average capital balance of Dada?

a. 20,000
b. 40,000
c. 41,266
d. 58,733

8. If the partnership reports net income of 100,000 in 2020 before salaries, interest and bonus, what is the
share of Dada if salaries and interests are treated as allocation of net income?
a. 41,266
b. 58,733
c. 80,500
d. 94,300

PROBLEM C
Lim and Isko share profits and losses in a ratio of 2:3 after salary allowances, interest allowances and bonus allocations.
Lim and Isko receive salary allowances of P30,000 and P60,000 and both partners receive 10% interest based upon the
balance in their capital accounts on January 1. Partners’ drawings are not used in determining average capital balances.
Total net income for 2020 is P180,000. If net income after deducting the interest and salary allocations is more than
P60,000, Isko receives a bonus of 5% of the original amount of net income.

  Lim Isko
January 1 capital balances 600,000 900,000
Yearly drawings (P3,000 a month) 36,000 36,000
9. What is the total amount for the allocation of interest, salary and bonus and how much overallocation is
present?
a. 180,000 and 0
b. 240,000 and 60,000
c. 249,000 and 0
d. 249,000 and 69,000

10. If the partnership experiences a net loss of P60,000 for the year, what will be the final net amount of profit
or (loss) closed to each partners’ capital account?
a. (90,000) to Lim and 30,000 to Isko
b. (30,000) to Lim and (30,000) to Isko
c. (24,000) to Lim and (36,000) to Isko
d. 30,000 to Lim and (90,000) to Isko

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ACC102 FUNDAMENTALS OF ACCOUNTING PART II BSBA FM
III. PARTNERSHIP DISSOLUTION
Any circumstance which causes the technical termination of a partnership may lead to the partnership’s permanent
dissolution and liquidation. Partnership dissolution is not synonymous with partnership liquidation. Dissolution is due to
changes in ownership such as the following:
A. Admission of a new partner
A new partner may be admitted to the partnership by purchasing the interest of one or more of the existing
partners or by contributing cash or other assets i.e. investment of additional capital.

1. Purchase of interest – when a new partner enters the partnership by purchasing the interest of an
existing partner, the price paid for the interest is irrelevant to the partnership accounting records
because it is a private and personal transaction between individuals. The assets and liabilities of the
partnership are not affected. The capital accounts are merely reclassified from the old partner to the
new partner.

2. Admission by investment of additional assets – a new partner may be granted an interest in the
partnership in exchange for the contributed assets. The admission by investment may be recorded
using bonus or revaluation method.
 Bonus to all partners
 Bonus to new partner/s
 Adjustment to capital account

B. Withdrawal of a partner (Retirement or Death of a partner)

Admission of a new partner is not the only manner by which a partnership can undergo a change in
composition. Over the life of the partnership, partners may leave the organization due to circumstances. For a
partner to withdraw or retire from the partnership, the total interest of the partner should be properly
determined.

PROBLEM A
Lucio, John and Henry are partners sharing profits and losses of 40%, 40% and 20%. The December 31, 2020 balance
sheet of the partnership before any profit allocation was summarized as follows:
Assets Liabilities and Capital
Cash 90,000 Accounts payable 7,500
Inventories 60,000 John, Loan 5,000
100,00
Equipment 75,000 Lucio, Capital 0
Trademark 22,500 Henry, Capital 90,000
John, Capital 45,000
247,50
Total 247,500 Total 0

The Income Summary account has a credit balance of P25,000 for the year 2020. On January 1, 2020, a partner has decided to retire from the
partnership and by mutual agreement among partners; the following have been arrived at:
 Inventories amounting P10,000 is considered obsolete and must be written off.
 Equipment should be adjusted to their current value of P50,000.
 Trademarks are to be written off before the retirement.

It was agreed that the partnership will pay the retiring partner for his interest in the partnership inclusive of loan balance.
1. If John retired and received P38,500 as a retirement price, how much will be the bonus to or (from) Henry?
a. (1,000)
b. 1,000
c. 500
d. (500)

2. If John retired and received P38,500 as a retirement price, how much will the adjusted capital of Lucio under Bonus method?
a. 100,000
b. 87,000

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c. 86,000
d. 76,000

ADMISSION – NEW PARTNER INVESTS

PROBLEM B
Acacia and Karla capital is P480,000 and P520,000. Profit share ratio is 4:6. Bubbles invested P500,000 for a 30% interest
in the partnership.
3. What is the capital of Acacia after admitting Bubbles?
a. 480,000
b. 500,000
c. 520,000
d. 550,000

4. What is the capital of Karla after admitting Bubbles?

a. 480,000
b. 500,000
c. 520,000
d. 550,000

5. What is the capital of Bubbles after admission?

a. 450,000
b. 500,000
c. 520,000
d. 550,000

PROBLEM C
Partners Ail and Charish capital is P480,000 and P520,000. Their share profits and losses equally in their merchandising
business. After admitting Blaire, they agreed to have a total capital of P2,500,000. The new partner invested P500,000 for
a 30% interest in the business.
6. What is the capital of Ail and Charish after admitting Blaire?
a. 500,000 and 750,000
b. 750,000 and 855,000
c. 855,000 and 895,000
d. 895,000 and 855,000

7. What is the capital of Blaire after admission?

a. 500,000
b. 750,000
c. 855,000
d. 895,000

8. How much is the amount of bonus to or (from) Charish?

a. 0
b. 125,000
c. (125,000)
d. (250,000)

9. How much is the revaluation credited to Ail?

a. 0
b. 250,000
c. 375,000
d. 500,000

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ADMISSION – PURCHASE OF INTEREST

PROBLEM D
Aika and Nicole’s capital is P600,000 and P480,000. Profit and share ratio is 7:3. Princess directly purchased a 1/3 interest
by paying Aika P195,000 and Nicole P225,000. Their Land Account is increased by P180,000 before Princess is accepted.
10. What is the capital of Aika after admitting Princess?
a. 300,000
b. 356,000
c. 420,000
d. 484,000

11. What is the capital of Nicole after admitting Princess?

a. 300,000
b. 356,000
c. 420,000
d. 484,000

12. What is the capital of Princess after admission?

a. 300,000
b. 356,000
c. 420,000
d. 484,000

PROBLEM E
Mark, Dave and Jim are partners with capital balances of P448,000, P1,560,000, and P680,000, sharing profits and losses
of 6:4:2. Jamie is admitted as a new partner bringing with him expertise and is to invest cash for 25% interest in the
partnership, which includes a credit of P420,000 bonus upon his admission.
13. How much cash should Jamie contribute?
a. 336,000
b. 420,000
c. 756,000
d. 3,024,000

14. How much should be credited to Jamie’s capital?

a. 336,000
b. 420,000
c. 756,000
d. 3,024,000

III. PARTNERSHIP LIQUIDATION – LUMP SUM

Liquidation is the process of converting partnership assets into cash and distributing the cash to creditors and partners.
Frequently, the sale of assets (realization) will not provide sufficient cash to pay both creditors and partners. The
creditors have priority on any distribution. The basic rule is that no distribution is made to any partner until all possible
losses and liquidation expenses have been paid or provided for i.e. funds have been allocated.

The purpose of accounting during the liquidation process is to have an equitable distribution of partnership cash to
creditors and partners. It is no longer income determination that is the focus of accounting but rather, the computation of
gains and losses on realization of assets which are subsequently to be allocated among the partners, payment of liabilities
in accordance with law, and the final distribution of cash to the partners.

The proceeds of liquidation may be distributed in a lump-sum after all assets have been sold and all creditors satisfied
with their claims, or the proceeds may be distributed to partners in installments as excess cash is available.

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LUMP-SUM LIQUIDATION
The first step in the liquidation process is to sell all non-cash assets and allocate the resulting gain or loss to the capital
accounts of the partners in accordance with their profit and loss sharing ratio. The second step is to satisfy the liabilities
owing to outside creditors (creditors other than the partners themselves). The third step is to satisfy liabilities owed to
partners other than for capital or profits (i.e. loans from partners). The final step is to distribute any remaining cash to
the partners their shares of capital and profits.

Any deficiency (i.e. debit balance) in solvent partner’s capital will require that partner to contribute cash equal to the
debit balance. If the deficient partner is insolvent, the debit balance must be absorbed by the remaining partners usually
in accordance with their profit and loss sharing ratio.

Note, however, that in order to achieve an equitable distribution, a partner’s loan to the partnership will first be used to
offset a debit balance in his capital account. Therefore, under the so called “right to offset” doctrine, a partner’s loan to
the partnership will have distribution priority only to the extent it exceeds a debit balance in the partner’s capital account.

Lump-sum liquidation procedures:

1. Realization of assets and distribution of gain or loss on realization among the partners based on the profit and
loss sharing ratio
2. Payment of expenses and liabilities
3. Elimination of partners’ capital deficiency. If after the distribution of loss in realization, a partner incurs a deficit, it
must be eliminated by using one of the following methods:
a. If there’s an existing loan balance, exercise the right of offset
b. If the deficient partner is solvent, make him invest additional cash
c. If the deficient partner is insolvent, let the other partners absorb the deficiency
4. Payment to the partners (loan and capital accounts)

PROBLEM A
The Statement of Financial Position of JJJ Partnership, just before liquidation is as follows:
Liabilities and
Assets Capital
Cash 50,000 Liabilities 70,000
Other Assets 140,000 Loan - January 20,000
Loan - July 10,000 January, Capital 30,000
June, Capital 50,000
July, Capital 30,000
Total 200,000 Total 200,000
Partners January and June are personally insolvent. The percentages in parenthesis are their profit and loss ratio.

Situation 1: If non-cash assets are sold for P150,000 and all liabilities are paid and liquidation expense of P5,000 are also
paid:
1. How much should January, June and July receive?
a. 50,000 50,000 20,000
b. 52,500 51,500 21,000
c. 51,500 52,000 20,000
d. 51,500 52,500 21,000

Situation 2: If non-cash assets are sold for P50,000, liquidation expenses of P5,000 and all liabilities are paid:
2. How much cash should January, June and July receive?
a. 50,000 50,000 20,000
b. 2,500 21,500 1,000
c. 1,000 2,500 21,500

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d. 1,500 21,500 2,000

Situation 3: If non-cash assets are sold for P40,000, liquidation expenses of P10,000 and all liabilities are paid:
3. How much cash should June receive?
a. 0
b. 4,000
c. 10,000
d. 14,000

Situation 4: If July received a total of P8,000:

4. How much cash should January receive?
a. 12,000
b. 20,000
c. 32,000
d. 50,000

5. How much is the amount of gain or loss on realization of other assets?

a. 60,000
b. 80,000
c. (60,000)
d. (80,000)

Situation 5: If June received a total of P35,000 and liquidation expenses of P5,000 were paid:
6. How much cash should July receive?
a. 10,000
b. 25,000
c. 35,000
d. 50,000

7. How much is the amount of gain or loss on realization of other assets?

a. 45,000
b. (45,000)
c. (95,000)
d. 95,000

8. How much is the total proceeds on the sale of other assets?

a. 5,000
b. 45,000
c. 75,000
d. 95,000

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