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2. On January 1, Year 1, Johnson (0), Smith (S), and Henry (H) formed a legal services rtnership. Initially, J contributed $12,000,000, S contributed $18,000,000,
2. On January 1, Year 1, Johnson (0), Smith (S), and Henry (H) formed a legal services rtnership. Initially, J contributed $12,000,000, S contributed $18,000,000, and H contributed pa $30,000,000 for a partnership profit and loss sharing ratio of 20%-30%. and SO%, respe of the original partnership agreement, the partnership will pay H an annual salary of $100 overseeing daily business activity. In addition, the partners agreed H should receive a 10% guaranteed ctively. As part ,000 for bonus of any partnership profits prior to distributing any earnings to the individual partners. The partnership will pay interest of 2% on the partners' capital balances at each fiscal year end. The salary, guaranteed bonus, and interest are distributed to the partners and not reinvested in the partnership. The partnership generated net profit of $4,000,000 during its first year of operations. Prepare a schedule showing how much profit/loss will be distributed to each partner
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