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Anderson, Macer, and Brown have capital balances of $24,000, $36,000, and $60,000, respectively. The partners share profits and losses as follows: a. The first
Anderson, Macer, and Brown have capital balances of $24,000, $36,000, and $60,000, 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 Anderson and Brown. Macer does not receive a salary allowance. c. The remainder is divided equally. Read the requirement Requirement 1. Compute each partner's share of the $130,000 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: Anderson Macer Brown Salary allowance: Anderson Macer Brown Total salary and capital allocation Anderson Macer Brown Total 130000
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