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Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane of $125,400. Interest of 5% on each partner's

Steve Queen and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane of $125,400. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Dane, 1:2. Queen and Dane had $61,040 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $220,000. How much is distributed to Queen and Dane?

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