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Farmer and Taylor formed a partnership with capital contributions of $200,000 and $250,000, respectively. Their...

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Accounting

Farmer and Taylor formed a partnership with capital contributions of $200,000 and $250,000, respectively. Their partnership agreement calls for Farmer to receive a $70,000 per year salary allowance. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Farmer and Taylors respective shares of income are:

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