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Jasmine Partnership began its first year of operations with the following capital balances:
J, Capital: $143,000
A, Capital: $104,000
S, Capital: $143,000
The Articles of Partnership stipulated that profits and losses be assigned in the following manner:
If the net loss for the first year of operations was $36,000 with net income of $42,000 in the second year. Assume also that each partner withdrew the maximum amount from the business each year.
Problem a. How much was the share of income or loss for the first year of S?
Problem b. How much was the balance in the capital account at the end of the second year of S?
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