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Calculate the division of profit to each partner

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Question - The Crane Partnership reported profit of $60,200 for the year ended February 28, 2021. Salary allowances are $52,500 for H. Mills and $28,100 for S. Stone. Interest allowances of 6% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2020, were as follows: H. Mills $73,300 (Cr.) and S. Stone $48,200 (Cr.). Any remainder is shared equally. Calculate the division of profit to each partner.

Reference no: EM133119580

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