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Dividing Partnership Net Income Steve Queen and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Queen of $118,320. 2. Interest of 6% on each partner's capital balance on January 1 . 3. Any remaining net income divided to Queen and Boxer, 1:2. Queen and Boxer had $54,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $204,000. Required: How much net income should be distributed to Queen and Boxer? Queen: : Boxer: \$ Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $70,000 and $210,000, respectively. Determine their participation in the year's net income of $285,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $40,000 and $46,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $40,000 and $46,000, respectively, and the remainder divided $77,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1