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Hope & Faith Company reports net income of $40,000. The partnership agreement provides for annual salaries of $24,000 for Hope and $15,000 for Faith. Interest

Hope & Faith Company reports net income of $40,000.

The partnership agreement provides for annual salaries of $24,000 for Hope and $15,000 for Faith.

Interest allowances of $4,000 and $6,000, respectively.

Any remaining is to be shared 70% and 30%, respectively.

Instructions: Prepare in proper format the amount of net income distributed to each partner.

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