30 Dec Steve Prince and Chelsy Bernard formed a partnersh
Steve Prince and Chelsy Bernard formed a partnership, dividing income as follows:1. Annual salary allowance to Prince of $42,000.2. Interest of 9% on each partner’s capital balance on January 1.3. Any remaining net income divided equally.Prince and Bernard had $20,000 and $150,000 in their January 1 capital balances, respectively. Net income for the year was $240,000. How much net income should be distributed to Prince?