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Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stelton should receive a salary allowance of

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Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stelton should receive a salary allowance of $10,600 and that Bright should receive a $24.400 salary allowance. Any remaining Income or loss is to be shared equally Determine each partners share of the current year's net income of $59,300. (Enter all allowances as positive values. Enter losses as negative values.) Total 59,300 Allocation of Partnership Incomo Stolton Net Income Salary allowances Balance of income Balance allocated equally Balance of income Shares of the partners Moss and Barber organize a partnership on Januaryt. Moss's initiat not investment is 573,000, consisting of cash ($23,000) equipment ($68,000), and a note payable reflecting a bank loan for the new business ($18,000), Barber's initial investment is cash of $26,000 Prepare journal entries to record (1) Moss's investment and (2) Barber's investment View transaction list Journal entry worksheet > Record the initial Investment of Moss. Note: Enter debits before credit General Journal Dobit Credit Transaction (1) View general Journal Record entry Clear entry View transaction list Journal entry worksheet

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