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Steve Queen and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Queen of $174,050. Interest of 6% on each partner's
Steve Queen and Chelsy Stevens formed a partnership, dividing income as follows:
Annual salary allowance to Queen of $174,050.
Interest of 6% on each partner's capital balance on January 1.
Any remaining net income divided to Queen and Stevens, 1:2.
Queen and Stevens had $61,040 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $295,000. How much is distributed to Queen and Stevens?
Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Queen: $ Stevens: $
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