Alban and Thompson formed a partnership with capital contributions with a fair value of $45,000...
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Accounting
Alban and Thompson formed a partnership with capital contributions with a fair value of $ and $ respectively. Their partnership agreement calls for Alban to receive a $ annual salary allowance. Also, each partner should receive a share of earnings equal to a return on capital investments. The remaining income or loss is to be divided equally. If the net income for the year is $ then Alban and Thompson's respective shares are:
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