Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $35,000 and $25,000, respectively. Determine the division of a $20,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows Byron Leef Total Salary Allowance Remainder 35,000 V 25,000 60,000 10,000 X 10,000 X 20,000 X Net Loss 5,000 X 15,000 X 20,000 X Feedback Check My Work Apply salary and interest allowances first. Then, distribute the remainder (income or loss) among the partners according to the partnership agreement. Dividing Partnership Net Loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $35,000 and $25,000, respectively. Determine the division of a $20,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Leigh Meadows Byron Leef Total Salary Allowance Remainder 35,000 V 25,000 60,000 10,000 X 10,000 X 20,000 X Net Loss 5,000 X 15,000 X 20,000 X Feedback Check My Work Apply salary and interest allowances first. Then, distribute the remainder (income or loss) among the partners according to the partnership agreement.