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Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1.Annual salary allowance to Conyers of $63,000. 2.Interest of 12% on each partner's
Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1.Annual salary allowance to Conyers of $63,000. 2.Interest of 12% on each partner's capital balance on January 1. 3.Any remaining net income divided equally. Stevens and Conyers had $50,000 and $205,000, respectively, in their January 1 capital balances. Net income for the year was $315,000. How much net income should be distributed to Conyers?
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