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Dividing Partnership Net Income Required: Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Dane of $102,660.

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Dividing Partnership Net Income Required: Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Dane of $102,660. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Dane, 1:2. Queen and Dane had $90,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $174,000. How much is distributed to Queen and Dane? Note: Compute partnership share. Queen: Dane

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