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Calculate the amount to allocate to each partner

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Question - J. Kelly and S. Piano are partners who earn an annual salary of $10 000 and $15 000 respectively, and have an income ratio of 3:2. Calculate the amount to allocate to each partner and show the entry to allocate the net income, based on the following unrelated situations:

(a) Net income of $55 000.

(b) Net income of $20 000.

(c) Net loss of $8 000.

Reference no: EM132543646

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