Wallace and Simpson formed a partnership. Wallace contributed $90,000, and Simpson contributed $70,000. Their partnership...
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Accounting
Wallace and Simpson formed a partnership. Wallace contributed $ and Simpson contributed $ Their partnership agreement calls for the income loss division to be based on the ratio of capital investments. The partnership had income of $ in its first year of operation. When the Income Summary is closed, the journal entry to allocate partner income is: Do not round intermediate calculations.
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