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Kelly and Paino are partners who earn an annual salary of $10 000 and $15 000 respectively, and have an income ratio of 4:3. Show
Kelly and Paino are partners who earn an annual salary of $10 000 and $15 000 respectively, and have an income ratio of 4:3. Show the entry to allocate the net income, based on the following unrelated situations: (a) net income of $55 000 (b) net income of $20 000 (c) net loss of $8 000.
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