Essay
Durango and Verde formed a partnership with capital contributions of $150,000 and $190,000,respectively.Their partnership agreement called for Durango to receive a $50,000 annual salary allowance.They also agreed to allow each partner a share of income equal to a 10% of their initial capital investments.The remaining income or loss is to be divided equally.If the net income for the current year is $120,000,what are Durango's and Verde's respective shares?
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