Dividing Partnership Income Candace Hassell and Abby Lawson formed a partnership, investing $180,000 and $60,000,...
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Dividing Partnership Income Candace Hassell and Abby Lawson formed a partnership, investing $180,000 and $60,000, respectively. Determine their participation in the year's net income of $246,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 15% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $38,000 and $52,000, respectively, and the balance divided equally. Allowance of interest at the rate of 15% on original investments, salary allowances of $38,000 and $52,000, respectively, and the remainder divided equally. Hassell Lawson (a) $ $ (b) $ $ (c) $ $ (d) $ $ (e) $ $
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