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Boogie and Chacha Co. reported a net income of Php430,000 for the first year of its operations. Partner salary allowances are Boogie Php160,000 and Chacha

Boogie and Chacha Co. reported a net income of Php430,000 for the first year of its operations. Partner salary allowances are Boogie Php160,000 and Chacha Php120,000. Indicate the division of net income to each partner, assuming the income ratios are 7:3 for Boogie and Chacha, respectively.

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