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Exercise #1 Compute division of net income with a salary allowance and fixed ratios. MPC Co. reports net income of $45,000. Partner salary allowances are

Exercise #1

Compute division of net income with a salary allowance and fixed ratios.

MPC Co. reports net income of $45,000. Partner salary allowances are Mark $15,000, Paul $5,000, and Chris $5,000. Indicate the division of net income to each partner, assuming the income ratio is 50:30:20, respectively.

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