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Prepare a detailed calculation of the division

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Question - The Penn & Teller Partnership reports revenue of 82,000 and expenses of 91,000. Palmer salary allowances are Perm $30,000 and Teller $35,000; interest allowances are Penn $8,000 and Teller $4,000; and the remainder is shared 6:4. Prepare a detailed calculation of the division of net income/(loss) to each partner AND prepare the journal entry (a journal entry description is not required) to distribute the net moraine/(loss).

Reference no: EM133140372

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