Dividing Partnership Net Income Required: Steve Jack and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Jack of $112,200. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Bernard, 1:2. Jack and Bernard had $69,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $204,000. HOV much is distributed to Jack and Bernard? Note: Compute partnership share. Jack: Bernard: 5