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Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary...

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Accounting

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

  1. Annual salary allowance to Boxer of $128,700.
  2. Interest of 5% 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 $99,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $234,000. How much is distributed to Prince and Boxer?

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