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How much is distributed to Prince and Boxer

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Reference no: EM132637022

Question - Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows:

1. Annual salary allowance to Boxer of $85,680.

2. Interest of 6% on each partner's capital balance on January 1.

3. Any remaining net income divided to Prince and Boxer, 1:2.

Prince and Boxer had $60,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $153,000. How much is distributed to Prince and Boxer?

Reference no: EM132637022

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