Steve Conyers and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary...
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Accounting
Steve Conyers and Chelsy Dane formed a partnership, dividing income as follows:
1. Annual salary allowance to Conyers of $74,000.
2. Interest of 11% on each partner's capital balance on January 1.
3. Any remaining net income divided equally.
Dane and Conyers had $35,000 and $183,000, respectively, in their January 1 capital balances. Net income for the year was $295,000. How much net income should be distributed to Conyers?
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