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L. pinella (beginning capital, $80,000) and H.Johnston (beginning capital $120,000) are parteners. During 2010, the partenrship earned net income of $90,000, and Pinella made drawings of $24,000 while johnston made drawings of $32,000.

INSTRUTION
Assume the partnership incom-sharing agreement calls for income to be divided with a salary of $55,000 to Pinella and $45,000 to Johnston, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9983937

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