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Requiredi Steve Jack and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Poodle of $133,650. 2. Interest of 5%

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Requiredi Steve Jack and Chelsy Poodle formed a partnership, dividing income as follows: 1. Annual salary allowance to Poodle of $133,650. 2. Interest of 5% on each partner's capital balance on January 1 3. Any remaining net income divided to Jack and Poodle, 1:2 Jack and Poodle had $75,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $243,000. How much is distributed to lack and Poodle? Note: Compute partnership share. Jack: Poodle: S

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