The Fig & Olive Co. reports net income of $24000. Interest allowances are Fig $3000 and Olive $5000; partner salary allowances are Fig $18000 and Olive $10000 and the remainder is shared equally.
Instructions
Indicate the division of net income to each partner and prepare the entry to distribute the net income.

Question

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The Answer of The Fig & Olive Co. reports net income of $24000. Interest allowances are Fig $3000 and Olive $5000; partner salary allowances are Fig $18000 and Olive $10000 and the remainder is shared equally.
Instructions
Indicate the division of net income to each partner and prepare the entry to distribute the net income.