Dividing Partnership Net Income Required Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $159,500. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Bernard, 1:2. Prince and Bernard had $94,160 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $290,000. How much is distributed to Prince and Bernard? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar Prince: Bernard x. Check My Work 1:31AM