Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively.Their partnership agreement called for Copote to receive a $12,000 annual salary allowance,and each partner to receive a share of net income equal to a 10% return on capital investments.The remaining income or loss is to be divided 40% to Copote and 60% to Parsons.If the net income for the year is $84,000,what are Copote's and Parson's respective shares?

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The Answer of Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively.Their partnership agreement called for Copote to receive a $12,000 annual salary allowance,and each partner to receive a share of net income equal to a 10% return on capital investments.The remaining income or loss is to be divided 40% to Copote and 60% to Parsons.If the net income for the year is $84,000,what are Copote's and Parson's respective shares?

Copote and Parsons Formed a Partnership with Capital Contributions of $60,000