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The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Magda recelves a $7,000 salary and Sue receives a $6,500

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The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Magda recelves a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit for the year is: $25,000. Prepare Journal Entry for the distribution of net income to partner's capital account

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