Determine their participation in the year''s net income, Accounting Basics

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Wyatt and Truett formed a partnership investing $330,000 and $110,000 respectively. Determine their participation in the year''s net income of $420,000 under the following assumptions: a) no agreement concerning division of net income; b) salary allowances of $50,000 and $70,000 and the balance divided equally.

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