Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $132,000. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Dane, 1:2. Prince and Dane had $63,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $240,000. How much is distributed to Prince and Dane? Note: Compute partnership share. Prince: $ Dane: $ 65,760 X