Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance...
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Accounting
Steve Queen and Chelsy Dane formed a partnership, dividing income as follows:
Annual salary allowance to Queen of $50,000.
Interest of 10% on each partner's capital balance on January 1.
Any remaining net income divided equally.
Dane and Queen had $50,000 and $171,000, respectively, in their January 1 capital balances. Net income for the year was $280,000. How much net income should be distributed to Queen?
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