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Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $145,350. Interest of 5% on each partner's
Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Boxer of $145,350. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Boxer, 1:2. Conyers and Boxer had $66,560 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $255,000. How much is distributed to Conyers and Boxer? Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar.
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