Question
Anderson, Martin, and Bryant 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
Anderson, Martin, and Bryant 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 Bryant. Martin does not receive a salary allowance.
c. The remainder is divided equally.
Compute each partner's share of the $121,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.)
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