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Assume the partnership income-sharing agreement calls for income to be divided with a salary of $39,800to Coburn and $35,000to Webb, interest of12% on beginning capital,
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $39,800to Coburn and $35,000to Webb, interest of12% on beginning capital, and the remainder divided 50%50%. Prepare the journal entry to record the allocation of net income
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