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question A and Question D. thank you a 5 Allocate profits LO3 The XYZ partnership recorded a profit of $540000. REQUIRED If the three partners
question A and Question D. thank you
a 5 Allocate profits LO3 The XYZ partnership recorded a profit of $540000. REQUIRED If the three partners had nothing in their partnership agreement on profit sharing, how would profits be distributed? b If the partners agreed on a $144000 salary allowance for each partner and the remaining balance divided 3:2:1, calculate the amount owed to each partner. Assume the same information as in (b) above except profit before salary allowance was only $372000. What would be the amount owed to each partner? d Record the journal entries to allocate profits in (c) above. 01Step by Step Solution
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