Han Lee and Monica Andrews formed a partnership, dividing income as follows: 1. Annual salary...
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Accounting
Han Lee and Monica Andrews formed a partnership, dividing income as follows: 1. Annual salary allowance to Lee of 32,000 2. Interest of 4% on each partner's balance on January 1 3. Any remaining net income divided to Lee and Andrews, 2:1. Lee and Andrews had 80,000 and 150,000, respectively, in their january 1 capital balances. Net income for the year was 64,000 how much net income should be distributed to Lee and Andrews?
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