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R. Huma and W. How have capital balances on July 1, 2016, of $63,000 and $56,000, respectively. The partnership profit-sharing agreement specifies: 1. salary allowances

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R. Huma and W. How have capital balances on July 1, 2016, of $63,000 and $56,000, respectively. The partnership profit-sharing agreement specifies: 1. salary allowances of $29, 800 for Huma and $20, 200 for How, 2. interest at 7% on beginning capital balances, 3. for the remaining profit or loss to be shared 60% by Huma and 40% by How. Prepare a schedule showing the division of profit for the year ended June 30, 2017. (Round answers to 0 decimal places, e.g. 5, 275. Enter negative an or parentheses e.g. (45).) (1) Assuming profit is $70, 400

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