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Left and Right are partners. Their capital accounts during 201 were as follows: Partnership net income is $50,000 for the year. The partnership agreement provides
Left and Right are partners. Their capital accounts during 201 were as follows: Partnership net income is $50,000 for the year. The partnership agreement provides for the division of income as follows: 1. Each partner is to be credited 8 percent interest on his or her average capital (calculated after rounding to the nearest number of whole months). 2. Any remaining income or loss is to be divided equally. Required: Prepare an income distribution schedule. Note: Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign. Left and Right are partners. Their capital accounts during 201 were as follows: Partnership net income is $50,000 for the year. The partnership agreement provides for the division of income as follows: 1. Each partner is to be credited 8 percent interest on his or her average capital (calculated after rounding to the nearest number of whole months). 2. Any remaining income or loss is to be divided equally. Required: Prepare an income distribution schedule. Note: Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign
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