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Show division of net income when allowances exceed net income. Nate & Frank Co. reports net income of $31,000. Interest allowances are Nate $7,000 and

Show division of net income when allowances exceed net income.

Nate & Frank Co. reports net income of $31,000. Interest allowances are Nate $7,000 and Frank $5,000; salary allowances are Nate $15,000 and Frank $10,000; the remainder is shared equally. Show the distribution of income on the income statement.

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