Dividing An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.Partnership Net Income

Required:

Steve Queen and Chelsy Boxer formed a partnership, dividing income as follows:

1.Annual salary allowance to Boxer of $148,500.

2.Interest of 6% on each partner's capital balance on January 1.

3.Any remaining net income divided to Queen and Boxer, 1:2.

Queen and Boxer had $94,160 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $270,000. How much is distributed to Queen and Boxer?

Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Queen: $ Boxer: $