Do It Review 12-2 Frontenac Company reported net income of $92,500. The partnership agreement provides...
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Do It Review 12-2 Frontenac Company reported net income of $92,500. The partnership agreement provides for salaries of $23,000 to Miley and $17,300 to Guthrie. They divide the remainder 36% to Miley and 64% to Guthrie. Calculate division of net income. Miley Division of net income Guthrie Prepare the closing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click If you would like to Show Work for this questioni Qen Show Work
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