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Partners Michael and Elaine have agreed to share profits and losses in an 75:25 ratio respectively, after Michael is allowed a salary allowance of $30600

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Partners Michael and Elaine have agreed to share profits and losses in an 75:25 ratio respectively, after Michael is allowed a salary allowance of $30600 and Elaine is allowed a salary allowance of $15400. If the partnership had net income of $29200 for 2020 , Elaine's share of the income would be $16800.$18000$11200$5250 Partners Michael and Elaine have agreed to share profits and losses in an 75:25 ratio respectively, after Michael is allowed a salary allowance of $30600 and Elaine is allowed a salary allowance of $15400. If the partnership had net income of $29200 for 2020 , Elaine's share of the income would be $16800.$18000$11200$5250

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