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Question - David, Adams, and Spring formed a partnership on January 1, 2016, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Adams, and (3) sharing the remainder of the income or loss in a ratio of 20% for David, and 40% each for Adams and Spring. Net income was $150,000 in 2016 and $180,000 in 2017. Each partner withdrew $1,000 for personal use every month during 2016 and 2017. What was Adam's total share of the income?
Parent Corp ltd acquires all of Subsidiary Corp ltd. outstanding common Stock for $ 300,000 in 2016, equal with the fair value of Subsidiary Corp ltd.
In its income statement for the year ended December 31, 2017, Laine Inc. reported the following condensed data.
How much of this money will each partner receive if profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:3:3 basis, respectively?
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