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Question
Emmett and Sierra formed a partnership dividing income as follows:
1. Annual salary allowance to Emmett of $48,000
2. Interest of 8% on each partner’s capital balance on January 1
3. Any remaining net income divided equally
Emmett and Sierra had $25,000 and $140,000, respectively, in their January 1 capital balances. Net income for the year was $200,000.
How much net income should be distributed to Emmett?
Answer
This answer is hidden. It contains 150 characters.
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