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Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance...

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Accounting

Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Conyers of $120,960. 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 $63,000 and $111,000, respectively, in their January 1 capital balances. Net income for the year was $216,000. How much is distributed to Conyers and Boxer? Note: Compute partnership share. Conyers: $fill in the blank 1 Boxer: $fill in the blank 2

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