Response to the following problem:
Partners A and B are subject to the following agreement for the sharing of profits/losses:
a. Annual salary allocations are allowed as follows: $12,000 to A, $14,000 to B.
b. Interest at 10 per cent is paid each year on original capital contributions of $100,000 from A, and $70,000 from B.
c. Any remainder is to be split in the ratio of 3:2 (A:B).
Required: How much net income must be earned by the partnership in the fiscal year for A to be allocated a total of $47,000?