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We have the following partnership agreement: Partner Able Cain Salary $10,000 $30,000 Interest of Capital 8% 8% Balance Profit/Loss Ratio 1 3 Capital Balance $100,000

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We have the following partnership agreement: Partner Able Cain Salary $10,000 $30,000 Interest of Capital 8% 8% Balance Profit/Loss Ratio 1 3 Capital Balance $100,000 $300,000 Use this information to answer the following questions 40 - 42 40. If the partnership earns net income of $60,000, how much should Able receive? a. $18,000 b. $45,000 c. $15,000 d. $10,000

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