Dividing Partnership Net Income Required: Steve Prince and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Prince of $139,200. 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 $61,040 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $240,000. How much is distributed to Prince and Boxer? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Prince: $ 172,958 X Boxer: $ 67,042 X

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