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Required: Che Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $150,150. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 1:2. Conyers and Stevens had $69,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $273,000. How much is distributed to Conyers and Stevens? anscribed Note: Compute partnership share, Conyers: $ Stevens: ert A Poojay 2,429 Ans-1 Exercise #2 - Dividing Partnership Net Income and Steve Conyers Chelseys. Total Annual salary to $150, 156 150, 150 Interest 480 5670 10.500 169000-7" (81000-72) 'Remaining home 112,350 Netincome : 1273,000 - 150.150-10,500: 1122.50