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Stone and Mill have decided to form a partnership. They are in the process of agreeing on how the profits/losses will be divided. Assume that

Stone and Mill have decided to form a partnership. They are in the process of agreeing on how the profits/losses will be divided. Assume that the company is anticipating net income of $75,000 for the first time period. Determine Stone's share of the net income if the partner's agree on a annual salary allowance of $31,000 for Stone and $23,000 for Mill and the remainder equally.

Stone

Mill

Total

Salary Allowances

31,000

23,000

Remainder Equally

Totals

?

$75,000

A. $41,500 B. $36,500 C. $33,500 D. $54,000

Can someone please show me step by step how to get the answer ($41,500)

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