Required:

Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows:

1. Annual salary allowance to Prince of $159,500.
2. Interest of 5% on each partner's capital balance on January 1.
3. Any remaining net income divided to Prince and Bernard, 1:2.

Prince and Bernard had $61,040 and $105,080, respectively, in their January 1 capital balances. Net income for the year was $290,000. How much is distributed to Prince and Bernard?

Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Prince: $ Bernard: $

Required: Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $159,500. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Prince and Bernard, 1:2. Prince and Bernard had $61,040 and $105,080, respectively, in their January 1 capital balances. Net income for the year was $290,000. How much is distributed to Prince and Bernard? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Prince: S Bernard: x Y Chook My Work Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include the partner's salary alowance interest on the partner's capital balance, and any remaining income divided based on the partnership agreement of the net income is less than the total of the salary an interest allowances, then the remaining net income to divide is a negative amount as though it were a net loss Learning Objective 2