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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 $ and $ respectively. Their partnership agreement called for Holmes to receive a $ annual salary allowance and Cruise $ They also agreed to allow each partner an interest allowance equal to of their initial capital investments. The remaining income or loss is to be divided If the net income for the current year is
a $ what are Holmes's and Crusie's respective shares? Show supporting. calculations. I
b$cdots
$
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