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Janie and Larry Are Partners,with Beginning Capital Balances of $90,000

Question 126

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Janie and Larry are partners,with beginning capital balances of $90,000 and $60,000 respectively.During the year,Janie withdrew $20,000 and Larry withdrew $15,000.The year's net income of $40,000 was distributed $15,000 to Janie and $25,000 to Larry.Prepare a statement of Partners' equity.

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