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Steve Carpenter and Chelsie Farmer formed a partnership, dividing income as follows: Annual salary allowance to Carpenter of $38,000. Interest of 7.5% on each partner's

Steve Carpenter and Chelsie Farmer formed a partnership, dividing income as follows: Annual salary allowance to Carpenter of $38,000. Interest of 7.5% on each partner's capital balance on January 1. A...

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