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

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Accounting

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

  1. Annual salary allowance to Conyers of $153,450.
  2. Interest of 7% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Conyers and Stevens, 1:2.

Conyers and Stevens had $69,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $279,000. How much is distributed to Conyers and Stevens?

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