Dividing Partnership Net tncome Required: Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follons: 1. Annual salary allowance to Conyers of $109,620. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net inceme divided to Conyers and bernard, 1:2 Conyers and Bernard had $57,000 and $111.000, respectively, in their January 1 capital balances. Net inoonme for the year was $109,000. How much is distributed to Conyers and Bernard Note: Compute partnership share. Conyers: Bernard