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Steve Prince and Chelsy Stevens formed a partnership, dividing income as follows:
- Annual salary allowance to Stevens of $88,500.
- Interest of 7% on each partner's capital balance on January 1.
- Any remaining net income divided to Prince and Stevens, 1:2.
Prince and Stevens had $66,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $150,000.
Required:
How much net income should be distributed to Prince and Stevens? Prince: $fill in the blank 1 Stevens: $fill in the blank 2
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