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What partnership agreement silent as to division of income

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Holden, Phillips, and Rogers are partners with beginning-year capital balances of $120,000, $60,000, and $60,000, respectively. Partnership net income for the year is $84,000. Make the necessary journal entry to close Income Summary to the capital accounts if:

Problem 1: The Partners agree to divide income based on their beginning-year capital balances?

Problem 2: The Partners agree to divide income based on the ratio of 5:3:2 (Holden:Phillips:Rogers), respectively?

Problem 3: The Partnership agreement is silent as to division of income and less?

Reference no: EM132687787

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