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Calculate the net income allocation

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Question - Anderchek and Aleez are partners in a small business. Their partnership agreement states that net income is divided based on annual salaries of $20 000 for Anderchek and $25 000 for Aleez, and an income ratio of 3:2. Calculate the net income allocation and record the journal entry, based on the following unrelated situations:

(a) Net income of $200 000

(b) Net loss of $4 000.

Reference no: EM132430237

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