The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared equally...
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Accounting
The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $400,000 for Mayer and $200,000 for Rodin. At the beginning of the year, Mayers Capital account had a balance of $800,000, while Rodins ' Capital account had a balance of $700,000. Net income for the year was $500,000. The balance of Rodins Capital account at the end of the year after closing is
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