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Problem #3 On October 1, 2016, Alima, Deyan and Lori formed A, D and L partnership. Alima contributed $21,000; Deyan, $35,000; and Lori, $44,000. Alima

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Problem #3 On October 1, 2016, Alima, Deyan and Lori formed A, D and L partnership. Alima contributed $21,000; Deyan, $35,000; and Lori, $44,000. Alima will manage the store; Deyan will work in the store three-quarters of the time; and Lori will not work in the business Compute the partner's shares of profits and loses under each of the following plans and record the journal entry allocating net loss or net income: (20 points) Net loss for the year ended September 30, 2017, is $42,000, and the partnership agreement allocates 45% of profits to Alima, 35% to Deyan, and 20% to Lori. The agreement does not discuss sharing of losses a. Net income for the year ended September 30, 2017, is $97,000. The first allocation is based on a 10% of beginning capital balances. The next is based salary allowance of $38,000 going to Alima and $10,000 going to Deyan. Any remainder is shared equally. b

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