L and M are in partnership, sharing profits and losses in the ratio of 3 : 2 respectively.
The following information was available at year end.
The residual profit shared by L was ＄24 000.
What was the profit for the year before appropriation?
1 )
＄48 500
2 )
＄88 500
＄104 500
4 )
＄109 500
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