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Polasky and Walter have formed a partnership. During their first year of operations, the partnership...

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Accounting

Polasky and Walter have formed a partnership. During their first year of operations, the partnership earned $60,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 12% of their capital balances. The second level is based on services, with $22,000 to Polasky and $12,000 to Walter. The remainder then will be shared 4:1 between Polasky and Walter, respectively.

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