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54 My Home CengageNOWv2 | Onlin X *Course Hero + X O A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Ch 12-2 Practice Exercises eBook Show Me How Calculator Print Item 1. PE. 12-01.ALGO Dividing Partnership Net Income ? Required: 2. PE. 12-02 ALGO Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: 3. PE. 12-03.ALGO 1. Annual salary allowance to Queen of $148,500. 2. Interest of 5% on each partner's capital balance on January 1. 4. PE. 12-4.ALGO 3. Any remaining net income divided to Queen and Dane, 1:2. 5. PE. 12-05.ALGO Queen and Dane had $72,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $270,000. How much is distributed to Queen and Dane? 6. PE. 12-06.ALGO Note: Compute partnership share. Queen: $ Dane: $ Progress: 2/6 items Check My Work 2 more Check My Work uses remaining. Previous Next Type here to search O Fi a 8:41 PM 3/27/2020