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Compute julie and jennifer share of net income

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Problem 1: Applying the interest allowance method, compute Julie and Jennifer's share of net income if Julie invested $40,000 and Jennifer invested $24,000 at an 8% interest rate, with the remainder to be divided equally. Net income was $10,000.

a) Julie $3,200; Jennifer $1,920

b) Julie $6,250; Jennifer $3,750

c) Julie $5,640; Jennifer $4,360

d) none of the above

Reference no: EM132789805

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