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Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary

image text in transcribed Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,100 to Jones and $1,500 to Thompson. Capital balances on January 1 were as follows: Calculate the net income (loss) allocation to each partner under each of the following independent situations. 1. Net income for the year is $99,300. 2. Net income for the year is $37,200. 3. Net loss for the year is $14,400. (Enter loss amounts using either a negative sign preceding the number e.g. 2,945 or parentheses e.g. (2,945).)

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