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Wallace and Simpson formed a partnership. Wallace contributed $90,000, and Simpson contributed $70,000. Their partnership...

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Accounting

Wallace and Simpson formed a partnership. Wallace contributed $90,000, and Simpson contributed $70,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. The partnership had income of $160,000 in its first year of operation. When the Income Summary is closed, the journal entry to allocate partner income is: (Do not round intermediate calculations.)
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