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Dividing Partnership Net Income Steve Conyers and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane of $ 1 3

Dividing Partnership Net Income
Steve Conyers and Chelsy Dane formed a partnership, dividing income as follows:
Annual salary allowance to Dane of $130,500.
Interest of 6% on each partner's capital balance on January 1.
Any remaining net income divided to Conyers and Dane, 1:2.
Conyers and Dane had $81,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $225,000.
Required:
How much net income should be distributed to Conyers and Dane?
Conyers:
Dane:
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