Dividing Partnership Net Income Required: Steve Jack and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Jack of $155,760. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Dane, 1:2. Jack and Dane had $66,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $264,000. How much is distributed to Jack and Dane? Note: Compute partnership share. Jack: $ Dane: $ Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Short and Bain had capital accounts of $15,000 and $58,000, respectively. The partnership assets were sold for $29,000. The partnership had no liabilities. Short and Bain share income and losses equally. Required: a. Determine the amount of Short's deficiency. b. Determine the amount distributed to Bain, assuming Short is unable to satisfy the deficiency