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Question (e): Dividing Partnership Net Income. Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of

Question (e): Dividing Partnership Net Income. Required: Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $170,500. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Poodle, 1:2. Conyers and Poodle had $77,600 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $310,000. How much is distributed to Conyers and Poodle?

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