EBOOK Show Me How Print fem Dividing Partnership Net Income Steve Jack and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $92,340. 2. Interest of 7% 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 $63,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $162,000. Required: How much net income should be distributed to Jack and Bernard? Jack: S 19,440 X Bernard: 11,340 X Feedback Check My Work Set up a column for each partner and a total column. The amount of net income that should be distributed to each partner should include the partner's salary allowance, the intem capital balance, and any remaining income divided based on the partnership agreement. If the net income is less than the total of the salary and interest allowances, then the rem divide is a negative amount, as though it were a net loss