Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Prince of $88,000. 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 $61,040 and $97,560, respectively, in their January 1 capital balances. Net income for the year was $160,000. How much is distributed to Prince and Poodle?
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Steve Prince and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allow...
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