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Assume that Sara King and Ray Lee are co-partners in theKingslee Company.The partnership agreement provides for:1. Salary allowance of $8,400 to King, $6,000 to Lee.2.

Assume that Sara King and Ray Lee are co-partners in theKingslee Company.The partnership agreement provides for:1. Salary allowance of $8,400 to King, $6,000 to Lee.2. Interest allowance of 10% on capital balances at thebeginning of the year.3. The remainder is shared equally.Capital balances on January 1 were King $28000, and Lee$24000.In 2005, partnership net loss 8000

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