The partnership started its business on March 1, 2020, calendar year. Partner Johnny had a beginning capital of $45,000 and made additional capital contributions during 2020 totaling $50,000. During the year 2020, Johnny withdrew $8,000 per month. Mark's post-closing capital balance on December 31, 2020 is $30,000. Johnny's share of 2020 partnership income is?

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To calculate Johnnys share of the partnership income for the year 2020 we need to consider his capit... View the full answer