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Adan, Milton, and Bramley have capital balances of $18,000, $27,000, and $45,000, respectively. The partners share profits and losses as follows: a. The first $50,000
Adan, Milton, and Bramley have capital balances of $18,000, $27,000, and $45,000, respectively. The partners share profits and losses as follows: a. The first $50,000 is divided based on the partners' capital balances. b. The next $50,000 is based on service, shared equally by Adan and Bramley. 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 $127.000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Adan Milton Bramley Total Net income (loss) Capital allocation: Adan Milton Bramley Salary allowance: Adan Milton Bramley Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Adan Milton Bramley Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners
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