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Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of $43,100 Interest of 8% on each partner's capital balance
Emmett and Sierra formed a partnership dividing income as follows:
- Annual salary allowance to Emmett of $43,100
- Interest of 8% on each partner's capital balance on January 1
- Any remaining net income divided equally.
Emmett and Sierra had $38,200 and $120,300, respectively in their January 1 capital balances. Net income for the year was $215,700.
How much net income should be distributed to Emmett?
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