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Holly and Luke formed a partnership, investing 5240,000 and $80,000, respectively. Determine the participation in the year's net income of $380,000 under each of the

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Holly and Luke formed a partnership, investing 5240,000 and $80,000, respectively. Determine the participation in the year's net income of $380,000 under each of the following independent assumptions u. No agreement concerning division of net income b. Divided in the ratio of original capital investment c. Interest at the rate of 15% allowed on original investments and the remainder divided in the ratio of 2:3 (2/5 to Holly and 3/5 to Luke) d. Salary allowances of $50,000 and $70,000, respectively, and the balance divided equally Allowance of interest at the rate of 15% on original investments, salary allowances of $50,000 and 570,000, respectively, and the remainder divided equally Holly Luke Total . b. G d

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