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How much net income should be distributed to lee and andrews

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Reference no: EM132481346

Han Lee and Monica Andrews formed a partnership, dividing income as follows:

  1. Annual salary allowance to Lee of $32,000.
  2. Interest of 4% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Lee and Andrews, 2:1.
  4. Lee and Andrews had $80,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $64,000.

Question 1: How much net income should be distributed to Lee and Andrews?

Reference no: EM132481346

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