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The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed...

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Accounting

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $14,100, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results:
\table[[Sales revenue,],[Gain on sale of land ($1231),7,500],[Cost of goods sold,(53,500)
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