Question #47: Partner Income Slosky invested $60,000 and Karhut invested $80,000 in a partnership and agreed to share income and losses by allowing a $7,000 annual salary allowance to Slosky and an $1,000 annual salary allowance to Karhut As well, each partner is to receive a share of profit equal to a 10% return on capital investments, and the balance is to be divided 1/3 to Slosky and 2/3 to Karhut Under this agreement what are the shares of the partners if the partnership income is $85,000? Prepare the required closing entry. Next Previous Not saved Submit MacBook Air VI WS R E G 71 D S 71