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Daisey Brodsky and Jim Leigh began a partnership on February 1, 2021, by investing $61,000 and $90,000, respectively. They agree to share profit and
Daisey Brodsky and Jim Leigh began a partnership on February 1, 2021, by investing $61,000 and $90,000, respectively. They agree to share profit and losses by allocating yearly salary allowances of $56,800 to Daisey and $41,700 to Jim, an interest allowance of 8% on their investments, and to split the remainder 55:45. During the year, Daisey withdrew $33,000 and Jim withdrew $23,300. The partnership recorded a loss of $19,600 in its first fiscal year.
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