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Business, 07.04.2020 23:38 alicia186

Calvin and Hobbs formed a partnership with capital contributions of $150,000 and $180,000, respectively. The partnership agreement called for Calvin to receive a $60,000 annual salary allowance. They also agreed to allow each partner a share of income equal to 10% of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $110,000, what are Calvin and Hobbs respective ending capital balances after they each withdrew $40,000 for the year

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