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Determine the division of net income between the partners

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Anderson and Smith have capital balances on January 1 of $20,000 and $18,000, respectively. The partnership-income sharing agreement provides for the partners to split the income 60% to Anderson and 40% to Smith.

Problem 1: In 2020, the partnership earned a net income of $30,000. Determine the division of net income between the partners.

Reference no: EM132807086

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