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Question: Emerson and Dakota formed a partnership dividing income as follows: Annual salary allowance to Emerson of $43,800 Interest of 8% on each partner's capital balance on January 1 Any remaining net income divided equally. Emerson and Dakota had $37,000 and $122,500, respectively in their January 1 capital balances. Net income for the year was $213,400. How much net income should be distributed to Emerson? $

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