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Adan, Milton, and Bell have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: a. The first
Adan, Milton, and Bell have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: a. The first $30,000 is divided based on the partners' capital balances. b. The next $30,000 is based on service, shared equally by Adan and Bell. Milton does not receive a salary allowance. C. The remainder is divided equally. Read the requirements. Requirement 1. Compute each partner's share of the $84,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Net income (loss) Capital allocation: Adan Milton Bell Salary allowance: Adan Milton Bell Total salary and capital allocation Net income (loss) remaining for allocation Adan Milton Bell Total $ 84,000 15,000
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