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please answer the following question with correct answer and explanation Dallas and Weiss formed a partnership to manage rental properties, by investing $144,000 and $216,000,
please answer the following question with correct answer and explanation
Dallas and Weiss formed a partnership to manage rental properties, by investing $144,000 and $216,000, respectively. During its first year, the partnership recorded profit of $469,000. Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: a. The partners failed to agree on a method of sharing profit. b. The partners agreed to share profits and losses in proportion to their initial investments. c. The partners agreed to share profit by allowing a $151,000 per year salary allowance to Dallas, an $81,000 per year salary allowance to Weiss, 20% interest on their initial investments, and sharing the balance equally. (Leave no cell blank. Enter "O" when the answer is zero.) Step by Step Solution
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