Steve Jack and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance...
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Steve Jack and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $191,400. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Boxer, 1:2. Jack and Boxer had $81,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $330,000. Required: How much net income should be distributed to Jack and Boxer? Jack: $ Boxer: $ Steve Jack and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $191,400. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Boxer, 1:2. Jack and Boxer had $81,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $330,000. Required: How much net income should be distributed to Jack and Boxer? Jack: $ Boxer: $
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