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Show the entry to allocate the net income or net loss

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Reference no: EM132525878

Question 1: G. Buffon, A. Pirlo and D. De Rossi are partners, sharing all profits and losses equally. Show the entry to allocate the net income or net loss under the following unrelated situations:

(a) net income of $45 000.

(b) net loss of $15 000.

Reference no: EM132525878

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