Martha and jones have capital balances on january 1 of

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Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,000 for Martha and $12,000 for Jones, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by Martha and 40% by Jones.

Reference no: EM13609806

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