Business, 24.12.2020 16:10 quoia89

Farmer and Taylor formed a partnership with capital contributions of $285,000 and $335,000, respectively. Their partnership agreement calls for Farmer to receive a $87,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $237,000, the journal entry to allocate net income is:

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Farmer and Taylor formed a partnership with capital contributions of $285,000 and $335,000, respecti...