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Dividing Partnership Net Income Required: Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $88,500.

Dividing Partnership Net Income Required: Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $88,500. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Poodle, 1:2. Prince and Poodle had $51,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $150,000. How much is distributed to Prince and Poodle? Note: Compute partnership share. Prince: $ Poodle: $

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