Essay
Ranger and Sol formed a partnership with capital contributions of $150,000 and $180,000,respectively.Their partnership agreement called for Ranger to receive a $60,000 annual salary allowance.They also agreed to allow each partner a share of income equal to 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 $110,000,what are Ranger's and Sol's respective shares?
Correct Answer:
Verified
Correct Answer:
Verified
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