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Mitch and Zoe formed a partnership on December 31, 2017. The invested $82,000 and $58,000 respectively into the partnership. The partners are allowed a 4% interest allocation on their initial investment and salaries of $28,000 and $16,400 respectively.
They allocate net income or losses on a 3:2 ratio. They had a net loss of $ $80,000 in 2018.
Required:
Question a) Show the distribution of the loss in a table format FOR MITCH AND ZOE
Question b) Prepare the journal entry on December 31, 2018 to close out the net loss to the partner's capital accounts.
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