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Kevin and Anthony have decided to form a partnership. Kevin contribated the following to the partnership: a patent, inventory, accounts receivables, equipement, $15,000 cash, and

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Kevin and Anthony have decided to form a partnership. Kevin contribated the following to the partnership: a patent, inventory, accounts receivables, equipement, $15,000 cash, and accounts payable to a supplicr. The patent has a book value of $7500 but was appraised at $125,000. Accounts receivables are recerded at $315,000 and an allowance for doubtul accounts of $3,400, inventory at a cost of $231,000, and cquipmacnt at 5425,000 and accumulated depreciation of $210,000. The partnership assumed the accounts payable at $25,000 owed to Kevin's supplier. The partner's agreed that $25000 of Kevin's accounts receivables were totally worthless and were not accepted by the parthership, that Kevin's inventory should be recorded at its current market value of Sa25,000, and the current value of the equipment contributed is 5200,000 Anthony contributed 51 million dollars. The following plans for the drvision of income are being considered. In the rato of original investments (round to two decimal places) Salary allowance of $175000 to Kevin and $125000 to Anthony, and the remainder divided equally Interest of 5% of original invesiments, salary allowance of $175000 oo Kevin and 5125000 to Anhony, and the romainder drvided equally. For each plan determine the division of iscome for each partner if the ner income was $350,000

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