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Assume the partnership-income sharing calls for income to be divided with a salary of 40000 to Coburn and 35000 to Webb, interest of 12% on
Assume the partnership-income sharing calls for income to be divided with a salary of 40000 to Coburn and 35000 to Webb, interest of 12% on beginning capital and the remainder divided 50%, 50%. Prepare the journal entry to provide the allocation of net income. Beginning capital is 64000
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