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Andrew Orr and Victoria Graham formed a partnership, dividing income as follows: Annual salary...

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Accounting

Andrew Orr and Victoria Graham formed a partnership, dividing income as follows:

  1. Annual salary allowance to Orr of $28,000.
  2. Interest of 6% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Orr and Graham, 2:1.

Orr and Graham had $60,000 and $150,000, respectively, in their January 1 capital balances. Net income for the year was $46,000.

How much net income should be distributed to Orr?

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