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The MBJ partnership agreement specifies that partnership net income be allocated as follows: Partner M Partner B Partner J Salary allowance $ 4 0 ,

The MBJ partnership agreement specifies that partnership net income be allocated as follows:
Partner M Partner B Partner J
Salary allowance $ 40,000 $ 50,000 $ 30,000
Interest on average capital balance 10%10%5%
Remainder 35%20%45%
Average capital balances for the current year were $60,000 for M, $50,000 for B, and $40,000 for J.
Assuming a current year net income of $250,000, what amount should be allocated to each partner? (6 points)

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