Emerson and Dakota formed a partnership dividing income as follows: Annual salary allowance to Emerson...
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Accounting
Emerson and Dakota formed a partnership dividing income as follows:
Annual salary allowance to Emerson of $43,500
Interest of 8% on each partner's capital balance on January 1
Any remaining net income divided equally.
Emerson and Dakota had $31,600 and $143,100, respectively in their January 1 capital balances. Net income for the year was $216,700.
How much net income should be distributed to Emerson?
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