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Listen (4 points) Before beginning their partnership, A and B agreed that net income would be allocated based first on 10% interest paid on
Listen (4 points) Before beginning their partnership, A and B agreed that net income would be allocated based first on 10% interest paid on their beginning capital balances. These were A-$100,000; B $200,000. Profits would then be allocated based on yearly "salaries" paid as follows: A - $70,000; B- $50,000. They also agreed that any remaining profit and loss would be shared in the ratio of 3:2. Net income for the first year is $150,000. This amount would be allocated as: None of the above A: $90,000; B: $60,000 A: $75,000; B: $75,000 A: $80,000; B: $70,000 M
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