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The partnership of Lewis and Clark had these balances at April 30, 2008:
Cash........$28,000Liabilities........56,000Clark Capital...14,000Other Assets...84,000
Service Revenue....$196,000Lewis, Capital....42,000Total Expenses.....49,000
Lewis gets 70% of profits and losses, and clark gets 30%. Prepare the partnership's income statement for hte year ended April 30, 2008.
Please help and explain :]
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