Dividing Partnership Net Income Required: Steve Queen and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $170,520. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Queen and Stevens, 1:2 Queen and Stevens had $69,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $294.000. How much is distributed to Queen and Stevens? Note: Compute partnership share. Queen: $ Stevens: Previous Next > Revaluing and Contributing Assets to a Partnership Demarco Lee invested $55,000 in the Camden & Sayler partnership for ownership equity of $55,000. Prior to the investment, quipment was realed to a market value of $362,000 from a book value of $284,000. Kevin Camden and Chloe Saylor share net income in a 12 ratio Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank. Equipment 78,000 Kevin Camden, Capital Chloe Sayler, Capital