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Frontenac Company reported net income of $80,000. The partnership agreement provides for salaries of $20,000 to...

Frontenac Company reported net income of $80,000. The partnership agreement provides for salaries of $20,000 to Miley and $15,000 to Guthrie. They divide the remainder 30% to Miley and 70% to Guthrie.

Calculate division of net income for Miley and Guthrie.

Prepare the closing entry.

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