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How much net income should be distributed to Prince

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Problem - Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows:

1. Annual salary allowance to Prince of $42,000.

2. Interest of 9% on each partner's capital balance on January 1.

3. Any remaining net income divided equally.

Prince and Bernard had $20,000 and $150,000 in their January 1 capital balances, respectively. Net income for the year was $240,000.

Required - How much net income should be distributed to Prince and Bernard?

Reference no: EM132692913

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