Question: On May 3 1 Partner Gambit buys 1 0 % of partner Wolverine's interest in the equal DW calendar - year partnership, so Gambit owns
On May Partner Gambit buys of partner Wolverine's interest in the equal DW calendaryear partnership, so Gambit owns and Wolverine owns after the sale. For the year, the partnership earns income of $ a month for January through July, and $ a month for August through December. How much income will Wolverine and Gambit each have from the partnership under a the interim closing method and b the proration of partnership income method?
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