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The HIJ partnership reported net income of $260,000 for the year ended Dec. 31, 202X. According to the partnership agreement, partnership profits and losses are
The HIJ partnership reported net income of $260,000 for the year ended Dec. 31, 202X. According to the partnership agreement, partnership profits and losses are to be distributed as follows:
H I J
Salaries $50,000 $40,000 $30,000
Bonus on Net Income. 10% - -
How should partnership net income for 202X be allocated to H,I,&J?
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