Question: Left and Right are partners Their capital accounts during 20X1

Left and Right are partners. Their capital accounts during 20X1 were as follows:


Partnership net income is $50,000 for the year. The partnership agreement provides for the division of income as follows:
1. Each partner is to be credited 8 percent interest on his or her average capital.
2. Any remaining income or loss is to be divided equally.

Required
Prepare an income distributionschedule.
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  • CreatedMay 23, 2014
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