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Problem 2 Dividing Net Income SDT Co. reports net income of $55,000. Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. Instructions a.

Problem 2 Dividing Net Income

SDT Co. reports net income of $55,000. Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000.

Instructions

a. Prepare a schedule showing the distribution of net income.

b. Journalize the allocation of net income.

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