Emerson and Dakota formed a partnership that divided the income as follows: 1. Emerson's annual salary allowance of $48,000 2. 8% interest on each partner's principal balance on January 1 3. Any remaining net income divided Equally Emerson and Dakota had $25,000 and $140,000 respectively in their principal balances as of January 1. Net income for the year was $220,000. How much net income should be distributed to Emerson?