Dividing Partnership Net Income Required: Steve Prince and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $99,120. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Stevens, 1:2. Prince and Stevens had $60,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $177,000. How much is distributed to Prince and Stevens? Note: Compute partnership share. Prince: $ 22,420 X Stevens: $ 44,840 x