Business
Business, 20.09.2020 17:01, naruto63

Farmer and Taylor formed a partnership with capital contributions of $205,000 and $255,000, respectively. Their partnership agreement calls for Farmer to receive a $71,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $141,000, the journal entry to allocate net income is:

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Farmer and Taylor formed a partnership with capital contributions of $205,000 and $255,000, respecti...

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