Charlie Brown and Lucy Brown, are partners in the "Charlie Brown Partnership". Charlie and Lucy share profits and losses in a ratio of 2:3, respectively, after guaranteed payments (salary allowances), interest allowances and bonus allocations. Charlie and Lucy receive guaranteed payments (salary allowances) of $40,000 and $60,000, respectively, and both partners receive 10% interest based upon the balance in their capital accounts on January 1. Total net income for 2023 is $550,000. January 1 capital balances What amount of net income is allocated for 2023 to each of the partners, Charlie and Lucy's? Charlie Lucy 900,000 700,000