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Lia Chen and Martin Monroe formed a partnership dividing income as follows Annual salary allowance to Chen of $35000 Interest of 4% on each partner s capital

Lia Chen and Martin Monroe formed a partnership, dividing income as follows: 1. Annual salary allowance to Chen of $35,000. 2. Interest of 4% on each partner s capital balance on January 1. 3. Any remaining net income divided to Chen and Monroe, 2:1. Chen and Monroe had $90,000 and $140,000, respectively, in their January 1 capital balances. Net income for the year was $70,000. How much net income should be distributed to Chen and Monroe?

Apr 25 2020 View more View Less

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