Dividing Partnership Net Income

Required:

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

Annual salary allowance to Bernard of $150,800.

Interest of 5% on each partner's capital balance on January 1.

Any remaining net income divided to Conyers and Bernard, 1:2.

Conyers and Bernard had $99,680 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $260,000. How much is distributed to Conyers and Bernard?

Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar. Conyers: Bernard: