Farmer and Taylor formed a partnership with capital contributions of $225,000 and $275,000, respectively. Their...
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Accounting
Farmer and Taylor formed a partnership with capital contributions of $225,000 and $275,000, respectively. Their partnership agreement calls for Farmer to receive a $75,000 per year salary. The remaining income or loss is to be divided equally. If the net income for the current year is $165,000, then Farmer and Taylor's respective shares are:
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$120,000; $45,000.
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$130,000; $5,000.
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$82,500; $82,500.
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$120,000; $120,000.
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$110,000; $55,000.
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