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Cox, North, and Lee form a partnership. Cox contributes $177,000, North contributes $147,500, and Lee contributes $265,500. Their partnership agreement calls for the income or
Cox, North, and Lee form a partnership. Cox contributes $177,000, North contributes $147,500, and Lee contributes $265,500. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $174,000 for its first year, what amount of income is credited to Lee's capital account? (Do not round your intermediate calculations.) Multiple Choice $58,000. o $59,700. o $52,200. o $43,500. o
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