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V, I and P form a Joint for the sale of merchandise. I and P are to contribute the merchandise, V is to act as the manager and is to be allowed a bonus of 25% of the profit after deduction of the bonus as expense. I and P are to be allowed 6% interest a year on their original investment. The balance of any profit on the venture is to be divided equally among the three parties.
Requirements:
Problem a. How much is the net profit (loss) of the joint venture before the bonus to V? Explain the answer.
Problem b. The bonus to V amounts to? Explain the answer.
Problem c. How much is the cash settlement received by I and P? Explain the answer.
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complete the following exercise. submit journal entries in an excel file and written segments in an ms word document.
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