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  3. adler, murphy and bailey have capital balances of

Adler, Murphy and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners...

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Accounting

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Adler, Murphy and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: The first $40,000 is divided based on the partners' capital balances. b. The next $40,000 is based on service, shared equally by Adler and Bailey. Murphy does not receive a salary allowance c. The remainder is divided equally. Read the requirements Requirement 1. Compute each partner's share of the $107.000 net income for the year. (Complete all answer boxes. For amounts that are $0, make Adler Murphy Bailey Total Net income (loss) Capital allocation: Adler Murphy Bailey Salary allowance: Adler Murphy Bailey Total salary and capital allocation Net Income (loss) remaining for allocation Remainder shared equally: Adler Murphy Bailey III III Read the requirements Net income (loss) Capital allocation: Adler Murphy Bailey Salary allowance: Adler Murphy Bailey Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Adler Murphy Bailey Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners

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