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Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively.  Their average capital...

Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively.  Their average capital balances for the quarter year were $50,000, $70,000, and $80,000, respectively.

Conner and Heyward each receive a “salary” of $8,000 each quarter due to their years of experience

in the field.  All three partners receive 5% interest on their average capital balance.  The net income

for this quarter was $25,100.

Prepare a schedule that shows the distribution of the net income to the partners.

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