The net income of the Travis and Tucker partnership is $190,000. The partnership agreement specifies...
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Accounting
The net income of the Travis and Tucker partnership is $190,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of $120,000 (Travis) and $170,000 (Tucker) have been allocated. At the beginning of the year, Traviss Capital account had a balance of $250,000 and Tuckers Capital account had a balance of $310,000.
Calculate the balance of Tucker's Capital account at the end of the year after profits and losses have been divided.
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