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Khalid, Dina, and James are partners by making capital contributions of $400,000, $320,000, and $160,000, respectively.The partners agreed to share income and loss as follows:
"Khalid, Dina, and James are partners by making capital contributions of $400,000, $320,000, and $160,000, respectively.The partners agreed to share income and loss as follows: Salary of $30,000 to Khalid, $50,000 to Dina, and $55,000 to James and an interest allowance of 10% on beginning-of-year capital balances to each partner.Any remaining balance is to be divided equally. Partnership net income for the year is $190,000."
"Prepare a table to show the distribution of the partnership income."
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