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Anastasia, Alice, and Will formed a partnership on July 1 2022. Beginning Capital balances are: Ana $55,000 Alice $75,000 Will $95,000 Net Income for Ana:

Anastasia, Alice, and Will formed a partnership on July 1 2022. Beginning Capital balances are: Ana $55,000 Alice $75,000 Will $95,000

Net Income for Ana: $3,700 Alice: $5,550 Will: $9,250

Prepare the closing entry to show allocation of net income to the partners.

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