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Prepare the journal entry to allocate net income

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Question - Zheng invested $172,000 and Murray invested $272,000 in a partnership. They agreed to share incomes and losses by allowing a $78,000 per year salary allowance to Zheng and a $58,000 per year salary allowance to Murray, plus an interest allowance on the partners' beginning-year capital investments at 10%, with the balance to be shared equally. Assuming net income for the current year is $141,000, prepare the journal entry to allocate net income?

Reference no: EM132536327

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