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Partnership net income of $153,000 is to be divided between two partners, Jessie Folk and Jessica Stephens, according to the following arrangement: There will be
Partnership net income of $153,000 is to be divided between two partners, Jessie Folk and Jessica Stephens, according to the following arrangement: There will be salary allowances of $87,000 for Folk and $48,000 for Stephens, with the remainder divided equally. How much of the net income will be distributed to Folk and Stephens, respectively?
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