Required:

Steve Queen and Chelsy Dane formed a partnership, dividing income as follows:

1. Annual salary allowance to Queen of $159,030.
2. Interest of 7% on each partner's capital balance on January 1.
3. Any remaining net income divided to Queen and Dane, 1:2.

Queen and Dane had $48,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $279,000. How much is distributed to Queen and Dane?

Note: Compute partnership share. Queen: $ Dane: $