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The APB partnership agreement specifies that partnership net income be allocated as follows: Partner A Partner P Partner B Salary allowance $30,000 $10,000 $40,000 Interest
The APB partnership agreement specifies that partnership net income be allocated as follows: Partner A Partner P Partner B Salary allowance $30,000 $10,000 $40,000 Interest on average capital balances 10% 10% 10% Rem ainder 40% 40% 20% Average capital balances for the current year were $50,000 for A, $30,000 for P, and $20,000 for B. If net income is $75,000, how much income is allocated to each partner? Show all computations
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