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Saly and Jena formed a partnership with capital contributions of $ 200,000 and $ 250,000, respectively. Their agreement partnership calls for Saly to receive
Saly and Jena formed a partnership with capital contributions of $ 200,000 and $ 250,000, respectively. Their agreement partnership calls for Saly to receive a $ 60,000 per year salary. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. Net income for the current year is $ 150,000. . Required: Calculate Saly's share of Net income for the current year.
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