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Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Conyers of $154,000. Interest of 5% on each partner's
Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows:
- Annual salary allowance to Conyers of $154,000.
- Interest of 5% on each partner's capital balance on January 1.
- Any remaining net income divided to Conyers and Stevens, 1:2.
Conyers and Stevens had $55,520 and $112,600, respectively, in their January 1 capital balances. Net income for the year was $280,000. How much is distributed to Conyers and Stevens?
Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar.
Conyers: $__________
Stevens: $__________
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