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Frontenac Company reported net income of $81,800. The partnership agreement provides for salaries of $24,500...

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Accounting

Frontenac Company reported net income of $81,800. The partnership agreement provides for salaries of $24,500 to Miley and $17,800 to Guthrie. They divide the remainder 39% to Miley and 61% to Guthrie. Calculate division of net income. Prepare the closing entry.

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