Prepare the entry to distribute the net income

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Question: The Osman & Iman Co. reports net income of $48.000, Interest allowances are Osman $6,000 and Iman $10.000: partner salary allowances are Osman $36,000 and Iman $20,000 and the remainder is shared equally Instructions Indicate the division of net income to each partner (2 + 2 - 4 marks), and prepare the entry to distribute the net income.

Reference no: EM133608956

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