Bob and jim formed a partnership investing 750000 and

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Bob and Jim formed a partnership, investing $750,000 and $220,000 respectively. The partnership agreement calls for a return of 6% interest on their original investment, Bob is to have a salary of $80,000 per year, Jim is to have a salary of $120,000 and the rest is divided into the 2:1 ratio. Determine the income distribution if the net income of the partnership for the year is $650,000?

Reference no: EM13583027

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