Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of $40,400 Interest of 8% on each partner's capital balance on January 1 Any remaining net income divided equally. Emmett and Sierra had $25,000 and $122,000, respectively in their January 1 capital balances. Net income for the year was $211,200. How much net income should be distributed to Emmett? $