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Steve Prince and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance...

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Accounting

Steve Prince and Chelsy Stevens formed a partnership, dividing income as follows:

Annual salary allowance to Prince of $46,000.

Interest of 9% on each partner's capital balance on January 1.

Any remaining net income divided equally.

Stevens and Prince had $19,000 and $118,000, respectively, in their January 1 capital balances. Net income for the year was $185,000. How much net income should be distributed to Prince? $

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