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1) Use the following information to answer questions 1 and 2 - Andy and Barney are partners in a detective agency, Andy contributes $20,000 cash

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1) Use the following information to answer questions 1 and 2 - Andy and Barney are partners in a detective agency, Andy contributes $20,000 cash and Barney contributes $60,000 worth of cash, equipment and a car. They agree to the following terms regarding how income will be divided: A) salaries - Andy, $20,000 and Barney, $15,000 B) interest earned on capital - 6% C) any remaining amount will be divided 55% for Andy and 45% for Barney 1) If the partnership has net income in year 1 of $48,000, what is Andy's share? 2) If the partnership has net income of $40,000, what is Barney's share

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