Mark and Paul form a legal partnership. Mark invests $25,000 cash and Paul invests $32,000 cash into the company.
31-Oct
The partnership earned $65,000 income in the first year of operations. o The partners agreed to share income equally o The partners agreed to share income in proportion to their initial investments.
31-Oct
The partnership lost $17,000 income in the first year of operations. o The partners agreed to share loss equally o The partners agreed to share loss in proportion to their initial investments.
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Week 6
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