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

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Accounting

Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows: Annual salary allowance to Conyers of $129,360. Interest of 7% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Bernard, 1:2. Conyers and Bernard had $51,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $231,000. Required: How much net income should be distributed to Conyers and Bernard? Conyers: $fill in the

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