71. Cox, North, and Lee form a partnership. Cox contributes $189,000, North contributes $157,500, and Lee contributes $283,500. Their partnership agreement calls for a 5% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $184,500 for its first year, what amount of income is credited to North's capital account?

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Calculating Norths income in the partnership Calculate the total capital contribution Total capital ... View the full answer