Dallas and Weiss formed a partnership to manage rental properties, by investing $189,000 and $231,000,...
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Dallas and Weiss formed a partnership to manage rental properties, by investing $189,000 and $231,000, respectively. During its first year, the parthership recorded profit of $524,000. Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: a. The partners failed to agree on a method of sharing profit. 2. The partners agreed to share profits and losses in proportion to their initial investments
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