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Question 2: Ali & Ahmed Co. reports net income of $40,000. The partnership agreement provides for annual salaries of $24,000 for Ali and $15,000 for

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Question 2: Ali & Ahmed Co. reports net income of $40,000. The partnership agreement provides for annual salaries of $24,000 for Ali and $15,000 for Ahmed and interest allowances of $4,000 to Ali and $6,000 to Ahmed. Any remaining income or loss is to be shared 70% by Ali and 30% by Ahmed. Instructions: Compute the amount of net income distributed to each partner. Solution question 2

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