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Subject:AccountingPrice: Bought3
This question will be sent to your instructor for grading. 10 Amna and Jalal formed a partnership on January 2, 2019. Jalal invested $120,000 in cash Amna invested land valued at $30.000. In addition, Amna was granted a yearly salary of $60,000 to manage the firm The partners agreed to the following profit and loss allocation formula a. Interest - Each partner is to receive an interest of 8% on the original capital investment b. Salary - $60,000 to Amna. c Bonus - Amna is to be allocated a bonus of 20% of net income after subtracting the bonus and solary d. The remaining profit is to be divided equally 02:20.00 At the end of 2019, the partnership reported net income before interest, salones and bonus of $168.000 Instructions: Calculate the 2019 allocation of partnership profit Essay Toolbat navigation
