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majestico majestico
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Applying the interest allowance method, compute Taylor and Timmy's share of net income if Taylor invested $300,000 and Timmy invested $700,000 at a 6% interest rate, with the remainder to be divided equally. Net income was $80,000.
A) Taylor, $28,000; Timmy, $52,000
B) Taylor, $40,000 Timmy, $40,000
C) Taylor, $24,000; Timmy, $56,000
D) None of these answers is correct.
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College Accounting: A Practical Approach

College Accounting: A Practical Approach


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LaffioLaffio
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