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Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $124,830.

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Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $124,830. 2. Interest of 6on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 182 Conyers and Stevens had $48,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $219,000. How much is distributed to Convers and Stevens Note: Compute partnership share. Conyers: Stevens

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