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Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $14,700 and that Bright should receive a $19,800 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $55,000. Note: Enter all allowances as positive values. Enter losses, if any, as negative values. Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $14,700 and that Bright should receive a $19,800 salary allowance. Any remaining income or loss is to be shared equally. Determine each partner's share of the current year's net income of $55,000. Note: Enter all allowances as positive values. Enter losses, if any, as negative values
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