Solution-What was the net income of the PAC Partnership

What was the net income of the PAC Partnership

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Question - Ute, a partner in the PAC 12 Partnership, has a 80 percent share in partnership profits and losses. Ute's capital account had a net increase of $550,000 during 20X8. During 20X8, Ute withdrew $150,000 as withdrawals and contributed equipment with a book value of $175,000 and a Fair Value of $250,000 to the partnership. What was the net income of the PAC 12 Partnership for 20X8?

Reference no: EM132761246

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What was the net income of the PAC Partnership

Reference no: EM132761246

Reference no: EM132761246

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