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Please show calculations Income Allocation Example 2: Same facts as above, but the articles of partnership agreement states: 1 . Each partner get credit annually
Please show calculations
Income Allocation Example 2: Same facts as above, but the articles of partnership agreement states: 1 . Each partner get credit annually for interest in an amount equal to 15% of that partnersbegrning capital balance for the year 2. Evers and Chance will be allotted $15,000 each as a compensation allowance 3. Remaining profit or loss will be split 3:4:3 with the largest share going to Evers. 4. Net Income for the year is $60,000. a. b. Calculate each partner's share of net income. Closing entry Income Allocation Example 2: Same facts as above, but the articles of partnership agreement states: 1 . Each partner get credit annually for interest in an amount equal to 15% of that partnersbegrning capital balance for the year 2. Evers and Chance will be allotted $15,000 each as a compensation allowance 3. Remaining profit or loss will be split 3:4:3 with the largest share going to Evers. 4. Net Income for the year is $60,000. a. b. Calculate each partner's share of net income. Closing entryStep by Step Solution
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