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accouting dividing partnership net income help Required: Steve Conyers and Chely Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers

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Required: Steve Conyers and Chely Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $135.220 2. Interest of 6% on each partner's capital balance on January 1. 3. 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 $234,000. How much is distributed to Conyers and Bernard? Note: Compute partnership share. Conyers: $ 193,060 X Bernard: $ 50,940 x Check My Work Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include: the partner's salary allowance, the interest on the partner's capital balance, and any remaining income divided based on the partnership agreement of the net income is loss than the total of the salary and interest allowances, then the remaining net income to divide is a negative amount, as though it were anat loss

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