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Question 2 William and Noah Co. reports net income of $42,000. The partnership agreement provides for annual salaries of $24,000 for William and $18,000 for

Question 2

William and Noah Co. reports net income of $42,000. The partnership agreement provides for annual salaries of $24,000 for William and $18,000 for Noah and interest allowances of $5,000 to William and $6,000 to Noah. Any remaining income or loss is to be shared 60% by William and 40% by Noah.

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Compute the amount of net income distributed to each partner.

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