John Smith, Norman Stapleson, and Dakota Menard invested $12,000, $7,500, and $10,500, respectively. At the end of
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John Smith, Norman Stapleson, and Dakota Menard invested $12,000, $7,500, and $10,500, respectively. At the end of the first year, the company’s net income was $90,000. Assuming no agreement was reached on how to share net income, prepare a journal entry at closing to allocate net income.
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Related Book For 
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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