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Farrell and Jimmy enter into a partnership agreement on May 1, 2017. Farrell contributes $50,000 and Jimmy contributes $140,000 as their capital contributions. They decide to share profits and losses in the ratio of their respective capital account balances. The net income for the year ended December 31, 2017 is $60,000. Which of the following is the correct journal entry to record the allocation of profit?
Coordinator
A coordinator is an individual responsible for organizing and managing various tasks and activities within a project or department to ensure efficient operation.
Marketing Implementation
The process of executing the marketing strategy by creating and performing specific actions that lead to achieving marketing objectives.
Organizational Goals
The strategic objectives that a business or an organization aims to achieve in order to fulfill its mission.
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