Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $131,670. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 1:2. Conyers and Stevens had $63,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $231,000. How much is distributed to Conyers and Stevens? Note: Compute partnership share. Conyers: Stevens