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Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows:
1. Annual salary allowance to Prince of $42,000.
2. Interest of 9% on each partner's capital balance on January 1.
3. Any remaining net income divided equally.
Prince and Bernard had $20,000 and $150,000 in their January 1 capital balances, respectively. Net income for the year was $240,000. How much net income should be distributed to Prince?
for every event listed below select the appropriate category which describes the effect of the event on a statement of
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Of the unamortized discount on bonds payable, $2,000 will be amortized in 2009. The notes payable represent bank loans that are secured by long-term investments carried at $120,000. These bank loans are due in 2009.
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onsider the market price of the Schieble bonds was known to be $180,000, but the market price of the warrants without the bonds cannot be evaluated, what are the amounts that should be allocated to the warrants and the bonds?
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The Marcus Corporation purchased a piece of new equipment in January 2009 for $120,000. The equipment was depreciated using the straight line method over an 8 year life without a salvage value.
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