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Question
Charlene, Derwood, and Elwyn form a partnership. They make no express agreement concerning how profits are to be divided. Of the $30,000 initial capital of the firm, Charlene and Derwood each contributed $12,000. Elwyn contributed $6,000. The partnership had a profit of $15,000 during the first year of operation of the business. What is Derwood's share of the profit?
A. $5,000
B. $6,000
C. $10,000
D. $12,000
Answer
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