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Holmes and Cruise formed a partnership with capital contributions of $ 1 8 0 , 0 0 0 and $ 1 5 0 , 0

Holmes and Cruise formed a partnership with capital contributions of $180,000 and $150,000, respectively. Their partnership agreement called for Holmes to receive a $50,000. annual salary allowance and Cruise $25,000. They also agreed to allow each partner an . interest allowance equal to 10% of their initial capital investments. The remaining income or loss is to be divided 4060%. If the net income for the current year is--1
(a) $100,000, what are Holmes's and Crusie's respective shares? Show supporting. calculations. I
(b)$cdots10,000?
(c)=($25,000)?
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