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12. Farmer and Taylor formed a partnership with capital contributions of $230,000 and $280,000, respectively. Their partnership agreement calls for Farmer to receive a $76,000

12. Farmer and Taylor formed a partnership with capital contributions of $230,000 and $280,000, respectively. Their partnership agreement calls for Farmer to receive a $76,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $171,000, the journal entry to allocate net income is

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