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Wallace and Simpson formed a partnership or Wallace contributing $68,000 and Simpson contributing $48,000 the partnership agreement cost for the income lost Vision to be

Wallace and Simpson formed a partnership or Wallace contributing $68,000 and Simpson contributing $48,000 the partnership agreement cost for the income lost Vision to be based on the ratio of capital Investments the partnership had income of $145,000 for his first year of operation when the income summary is closed the journal entry to allocate partner income is

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