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Question - Texas and Boston formed a partnership to manage rental properties, by investing $164,000 and $236,000, respectively. During its first year, the partnership recorded profit of $489,000.
Required -
Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses:
a. The partners failed to agree on a method of sharing profit.
b. The partners agreed to share profits and losses in proportion to their initial investments.
c. The partners agreed to share profit by allowing a $171,000 per year salary allowance to Texas, an $101,000 per year salary allowance to Boston, 20% interest on their investments, and sharing the balance equally.
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