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

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Accounting

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

  1. Annual salary allowance to Queen of $179,220.
  2. Interest of 6% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Queen and Stevens, 1:2.

Queen and Stevens had $84,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $309,000

How much net income should be distributed to Queen and Stevens?

Queen?

Stevens?

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