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Partnership net income of $66,000 is to divided between two partners, Elan and Brian, according to the following arrangement: There will be salary allowances of $40,000 for Elan and $20,000 for Brian, with the remainder divided equally. How much of the net income will be distributed to Elan and Brian respectively?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9987716

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