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Dividing Partnership Net Income Required: Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $85,500

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Dividing Partnership Net Income Required: Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $85,500 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net Income divided to Prince and Boxer, 1:2 Prince and Boxer had $96,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $150,000. How much is distributed to Prince and Boxer? Note: Compute partnership share. Prince: Boxer

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