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1. Baylor and Tony formed a partnership. The partnership agreement specified that the profits would be shared 75% to Baylor and 25% to Tony. If

1. Baylor and Tony formed a partnership. The partnership agreement specified that the profits would be shared 75% to Baylor and 25% to Tony. If the net income for the year was $50,000, show the journal entry that would be made to share the net income. 2. What are some problems that might occur if Baylor and Tony do not draw up a partnership agreement?

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