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On January 1, 2006, Victor and Nikki have capital account balances of $80,000 and $100,000. Their partnership agreement provides for interest allowance of $8,000 and
On January 1, 2006, Victor and Nikki have capital account balances of $80,000 and $100,000. Their partnership agreement provides for interest allowance of $8,000 and $10,000 respectively; salaries of $30,000 to Victor and $24,000; and the remainder divided 6:4 respectively. Victors share of the $82,000 partnership net income would be:
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