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Question 2: Carlin and Larve have a partnership agreement which includes the following provisions regarding sharing net income or net loss: (4 Marks) A salary allowance of $54,000 to Carlin and $36,000 to Larve. An interest allowance of 10% on capital balances at the beginning of the year. 3. The remainder to be divided 60% to Carlin and 4000 to Larve. The capital balance on January 1, 2008, for Carlin and Larve was $90,000 and $120,000, respectively. During 2008, the Carlin and Larve Partnership had sales of $495,000, cost of goods sold of $290,000, and operating expenses of $75,000. Instructions Prepare a Division of Net Income to each of the partners.
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