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PLS ANSWER ASAP!! THANKS!!!! Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance

PLS ANSWER ASAP!! THANKS!!!! image text in transcribed
Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $95,760. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Dane, 1:2. Prince and Dane had $72,000 and $87,000, respectively, in their January 1 capital balances. Net Income for the year was $168,000. How much is distributed to Prince and Dane? Note: Compute partnership share. Prince: 1 Dane: X

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