Question
eBook Show Me HowPrint Item Question Content Area Dividing Partnership Net Income Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual
eBook Show Me HowPrint Item Question Content Area Dividing Partnership Net Income Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Stevens of $153,900. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Jack and Stevens, 1:2. Jack and Stevens had $63,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $270,000. Required: How much net income should be distributed to Jack and Stevens? Jack: $fill in the blank 1 Stevens: $fill in the blank 2
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