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Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bemard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $183.120.

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Dividing Partnership Net Income Required: Steve Conyers and Chelsy Bemard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $183.120. 2. Interest of 5% 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 $96,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $327,000. How much is distributed to Conyers and Bernard? Note: Compute partnership share. Conyers Bernard

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