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Wardell Cole and Marva Landers form a partnership on August 1, 2012. Cole contributes $15,600 in cash and $62,400 in merchandise inventory. Landers contributes certain business assets valued at an agreed upon amount, transfers business liabilities, and contributes cash to bring her total capital to $60,000. The partnership agreement states that net income will be distributed as interest on original investments at 10%, salary allowances of $22,500 for Cole and $30,400 for Landers, with the remainder split eq

Author

M Bilal Saleem

Language

EN