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The partnership agreement for Michael Associates, a general partnership, provided that profits be paid to the partners in the ratio of their financial contribution to
The partnership agreement for Michael Associates, a general partnership, provided that profits be paid to the partners in the ratio of their financial contribution to the partnership. Andrew contributed $10,000. Rachel contributed $30,000, and Karl contributed $50,000. For the year ended December 31, 2020, Michael had losses of $180,000. What amount of the losses should be allocated to Karl?
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