Assignment/takeAssignmentMain.do?inprogress=true eBook Show Me How Calculator Dividing Partnership Net Income Required: Steve Queen and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $88,920. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Bernard, 1:2. Queen and Bernard had $48,000 and $75,000, respectively, in their January 1 capital balances. Net Income for the year was $156,000. How much distributed to Queen and Bernard? Note: Compute partnership share. Queen: $ Bernard: s 11 Check My Work Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include the partners salary to the interest on the partner's capital balance and any remaining income divided based on the partnership agreement. If the net income is less than the total of the and interest allowances, then the remaining net income to divide is a negative amount, as though it were a net loss (previous New more Check My Work uses remaining