Question
Current Attempt in Progress The net income of the Gary and Browning partnership is $458000. The partnership agreement specifies that Gary and Browning have
Current Attempt in Progress The net income of the Gary and Browning partnership is $458000. The partnership agreement specifies that Gary and Browning have a salary allowance of $112000 and $175000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $306000. Any remaining net income or net loss is shared equally. What is Gary's share of the $458000 net income? O $142600 O $166900 O $197500 O $140400
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