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The John and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $390000 for John and $202000 for
The John and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $390000 for John and $202000 for Rodin. At the beginning of the year, John's Capital account had a balance of $792000, while Rodin's Capital account had a balance of $707000. Net income for the year was $503000. The balance of Rodin's Capital account at the end of the year after closing is O $864500. 0 $909000. O $204000. O $953500.
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