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Steve Jack and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Jack of $142,500. Interest of 6% on each partner's
Steve Jack and Chelsy Dane formed a partnership, dividing income as follows:
Annual salary allowance to Jack of $142,500.
Interest of 6% on each partner's capital balance on January 1.
Any remaining net income divided to Jack and Dane, 1:2.
Jack and Dane had $66,560 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $250,000. How much is distributed to Jack and Dane?
Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar.
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