(Solution) - Alfred Hurley and Thomas Estes are partners who share profits -(2025 Original AI-Free Solution)

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Alfred Hurley and Thomas Estes are partners who share profits and losses in the ratio of 70 and 30 percent, respectively. Their partnership agreement provides that each will be paid a yearly salary of $94,000. The salaries were paid to the partners during 2016 and were charged to the partners' drawing accounts. The Income Summary account has a credit balance of $340,800 after revenue and expense accounts are closed at the end of the year. What amount of net income or net loss will be allocated to each?