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How much is distributed to prince and stevens

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Reference no: EM132765758

Steve Prince and Chelsy Stevens formed a partnership, dividing income as follows:

  1. Annual salary allowance to Prince of $108,900.
  2. Interest of 6% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Prince and Stevens, 1:2.

Problem 1: Prince and Stevens had $75,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $198,000. How much is distributed to Prince and Stevens?

Reference no: EM132765758

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