Dividing Partnership Net Income Required: Steve Jack and Chelsy Dane formed a partnership, dividing

Dividing Partnership Net Income Required: Steve Jack and Chelsy Dane formed a partnership, dividing incomeas follows: Annual salary allowance to Jack of $126,000. Interest of 7% on each partner’s capital balance on January1. Any remaining net income divided to Jack and Dane, 1:2. Jack and Dane had $50,000 and $112,600, respectively, in theirJanuary 1 capital balances. Net income for the year was $225,000.How much is distributed to Jack and Dane? Note: Compute partnership share to two decimalplaces. Round final answers to the nearest whole dollar.

Jack: $

Dane: $ . . .

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