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Question : Emerson and Dakota formed a partnership dividing income as follows:

Emerson and Dakota formed a partnership dividing income as follows:

Annual salary allowance to Emerson of $39,200

Interest of 8% on each partner's capital balance on January 1

Any remaining net income divided equally.

Emerson and Dakota had $29,000 and $141,200, respectively in their January 1 capital balances. Net income for the year was $229,400.

How much net income should be distributed to Emerson

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