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Partners Gary and Elaine have agreed to share profits and losses in an 80:20 ratio...

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Accounting

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Partners Gary and Elaine have agreed to share profits and losses in an 80:20 ratio respectively, after Gary is allowed a salary allowance of $30,000 and Elaine is allowed a salary allowance of $15,000. If the partnership had net income of $30,000 for 2017, Elaine's share of the income would be a $15,000 Ob $3,000 Oc. $12,000 Od $18,000

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