The AMJ Partnership has three partners: Amy, who made a $100,000 capital contribution; May, who made a $50,000 capital contribution; and June, whose capital contribution was $30,000. Unless the partnership agreement sets forth the division of profits, if $120,000 of profit is earned, how will the profit be distributed? O The partners will have to determine the distribution by a majority vote. O $70,000 to Amy; $30,000 to May; $20,000 to June. $40,000 each to Amy, May, and June. O Amy receives all profits as the majority investor and deems the division of assets

Answer rating: 100% (QA)

The correct answer is 40000 each to Amy May and June Heres the explanation In the absence of a partn... View the full answer