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Problem 10-11 (Algorithmic) Current Distributions and Guaranteed Payments (LO 10.4) K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has

Problem 10-11 (Algorithmic) Current Distributions and Guaranteed Payments (LO 10.4)

K&T Company is a partnership with two equal partners, Kai and Taonga. The partnership has income of $56,400 for the year before guaranteed payments. Guaranteed payments of $33,840 are paid to Kai during the year.

Calculate the amount of income that should be reported by Kai and Taonga from the partnership for the year.

Description Amount
Kai should report income of: $fill in the blank 1
Taonga should report income of: $fill in the blank 2

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