Dividing Partnership Net Income Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing Income as follows . Annual salary allowance to Poodle of $167,040. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Poodle, 1:2 Conyers and Poodile had 45,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $28,000. How much is distributed to Conyers $111,00o, and Poode? Note: Compute partnership share. Conyers: Poodle