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The partnership agreement of Martinez and Magden states that L. Martinez will receive 50% of all income and losses. During the current period, the company
The partnership agreement of Martinez and Magden states that L. Martinez will receive 50% of all income and losses. During the current period, the company has net income of $70,000. To close the Income Summary account and give Martinez her share of net income, the partnership will (debit/credit) _______ the L. Martinez, Capital account for $_______ .
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