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Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary allowance to Jack of $161,280. Interest of 5% on each partner's

Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows:

  1. Annual salary allowance to Jack of $161,280.
  2. Interest of 5% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Jack and Stevens, 1:2.

Jack and Stevens had $57,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $288,000.

Required:

How much net income should be distributed to Jack and Stevens? Jack: $fill in the blank 1 Stevens: $fill in the blank 2

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