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James, Keller, and Rivers have the following capital balances; $ 9 0 , 0 0 0 , $ 8 5 , 0 0 0 and
James, Keller, and Rivers have the following capital balances; $ $ and
$ respectively. Because of a cash shortage James invests an additional
$ on June st Rivers withdraw $ on october st Each partner made
Drawings for $ per month. James, Keller, and Rivers receive a salary of $
$ and $ respectively, for work done during the year. Each partner
receives interest of on that partners monthly weighted average capital balance
without regard to normal drawings. Any remaining profits are split and
respectively. The net income for the year is $ What are the ending capital
balances for each partner?
Required
Prepare schedule of net income allocation
Prepare a SStatatement of Partners Capital
Prepare a Closing entries
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