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Jean Smith and Mike Yang had a partnership and shared incomes and losses based on an QS 14-6 agreement that gave lenn a salary allowance

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Jean Smith and Mike Yang had a partnership and shared incomes and losses based on an QS 14-6 agreement that gave lenn a salary allowance of $115.000 and Mike $90.000 with any unailo Allocation of net loss cated income clos) shared 32. Prepare the entry to close the Income Summary account at LOS December 31, 2017, assuming a debit balance of 580.000

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