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Question 6 (9 points) On January 1 Steve Froese, Mark Popse and Nick Antler agreed to form a partnership called FPA Consulting. On December
Question 6 (9 points) On January 1 Steve Froese, Mark Popse and Nick Antler agreed to form a partnership called FPA Consulting. On December 31 the partnership reported a loss for the year of $15,000. The partnership agreement is to provide for the following sharing of profit and losses: Salary allowance.. Fixed ratios.. Froese $ 30,000 Popse $ 50,000 Antler $ 35,000 2 5 3 Required: 1. Prepare a schedule to show the division of loss at December 31. (5 marks) 2. Prepare the journal entry to record the allocation of the partnership loss on December 31. (4 marks)
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