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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 $161,070.

Dividing Partnership Net Income Required: Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $161,070. 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 $45,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $273,000. How much is distributed to Prince and Boxer? Note: Compute partnership share. Prince: $ Boxer: 8

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