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PLEASE HAVE TOTALS FOR (C) AS WELL TY Journalize the entry to record the division of net income for the year 2022 under each of
PLEASE HAVE TOTALS FOR (C) AS WELL TY
Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. 2. 3. 1. No. Account Titles and Explanation 2. Net income is $24,000. Income is shared 6:3:1. Net income is $32,000. Niensted and Bolen are given salary allowances of $12,000 and $8,000, respectively. The remainder is shared equally. 3. Net income is $15,200. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $12,000 salary allowance. The remainder is shared equally. > >Step by Step Solution
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