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

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Accounting

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

  1. Annual salary allowance to Stevens of $88,500.
  2. Interest of 7% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Prince and Stevens, 1:2.

Prince and Stevens had $66,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $150,000.

Required:

How much net income should be distributed to Prince and Stevens? Prince: $fill in the blank 1 Stevens: $fill in the blank 2

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