Jordan & Michael Co. reports net income of $41,100. The partnership agreement provides for annual salaries of $24,500 for Jordan and $16,600 for Michael and interest allowances of $3,700 to Jordan and $5,600 to Michael. Any remaining income or loss is to be shared 70% by Jordan and 30% by Michael. Compute the amount of net income distributed to each partner. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parentheses e.g. (15,000).) Salary allowance Interest allowance Total salaries and interest Remaining deficiency Total division $ $ Jordan Division of Net Income $ $ Michael $ Total

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