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Partnership net income of $87,000 is to be divided between two partners, Bob Garcia and Jerry McKernan, according to the following arrangement: There will be
Partnership net income of $87,000 is to be divided between two partners, Bob Garcia and Jerry McKernan, according to the following arrangement: There will be salary allowances of $36,000 for Garcia and $24,000 for McKernan, with the remainder divided equally. How much of the net income will be distributed to Garcia and McKernan, respectively?
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