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What dollar amount is allocated to richard as interest

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Question - Richard is a partner in a local partnership. The profit and loss sharing agreement includes an interest allocation of 8 percent on the invested capital. Richard had a beginning capital balance of P60,000. He invested P30,000 on March 1, withdrew P20,000 on August 1, and invested P40,000 on December 1. Rounded to the nearest dollar, what dollar amount is allocated to Richard as interest on capital balance if the weighted average capital balance is used as the basis of the computation?

Reference no: EM132930016

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