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Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $89,100. Interest of 5% on each partner's
Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $89,100. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Prince and Poodle, 1:2. Prince and Poodle had $69,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $162,000. How much is distributed to Prince and Poodle?
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