Dividing Partnership Net Income

Dividing Partnership Net Income Required: Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $130,980. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $87,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $222,000. How much is distributed to Conyers and Boxer? Note: Compute partnership share. Conyers: $ 130,980 X Boxer: $