Question: Problem 4 I The APB partnership agreement specifies that partnership net income be allocated as follows: Partner A Partnere Partner B Salary allowance $30 000

Problem 4 I The APB partnership agreement specifies that partnership net

Problem 4 I The APB partnership agreement specifies that partnership net income be allocated as follows: Partner A Partnere Partner B Salary allowance $30 000 $10.000 $40.000 Interest on average capital balances 10% 1096 10% Remainder 40% Average capital balances for the current year were $50,000 for A, 830,000 for P, and $20,000 for . If net income is $75,000, how much income is allocated to each partner? Show all computations

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