Dividing Partnership Net Income Steve Jack and Chelsy Stevens formed a partnership, dividing income as...
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Dividing Partnership Net Income Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Jack of $45,000. Interest of 10% on each partner's capital balance on January 1. Any remaining net income divided equally. Stevens and Jack had $48,000 and $170,000, respectively, in their January 1 capital balances. Net income for the year was $265,000. How much net income should be distributed to Jack?
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