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EX 12-5 Dividing partnership net loss Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $35,000

EX 12-5 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 divi sion of a $20,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. OBJ. 2

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