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Cox, North, and Lee form a partnership. Cox contributes $210,000, North contributes $175,000, and Lee contributes $315,000. Their partnership agreement calls for a 6% interest
Cox, North, and Lee form a partnership. Cox contributes $210,000, North contributes $175,000, and Lee contributes $315,000. Their partnership agreement calls for a 6% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $216,000 for its first year, what amount of income is credited to North's capital account? Multiple Choice $76,900. $70,600. O $58.000. O $68,500. O O $72,000
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