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Question(s) / Instruction(s):

Ann Keeley and Susie Norton are partners in a business they started two years ago. The partnership agreement states that Keeley should receive a salary allowance of $40,000 and that Norton should receive a $30,000 salary allowance. Any remaining income or loss is to be shared equally.

Required:

Determine each partner’s share of the current year’s net income of $210,000.

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