Question: Applying the interest allowance method, compute Julie's and Jennifer's share of net income if Julie invested $40,000 and Jennifer invested $24,000 at an 8% interest

Applying the interest allowance method, compute Julie's and Jennifer's share of net income if Julie invested $40,000 and Jennifer invested $24,000 at an 8% interest rate, with the remainder to be divided equally. Net income was $10,000.

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