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Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Dane of $160,300

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Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Dane of $160,300 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Dane, 1:a Prince and Done had $95,000 and 193,000, respectively, in their January 1 captal balances. Net income for the year was 4306,000. How much is distributed to Prince and Dana? Noter Compute partnership there Prince Dane

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