Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows: Annual salary allowance to Poodle of $146,160. Interest of 6% on each partner's capital balance on January 1. Any remaining net income divided to Conyers and Poodle, 1:2. Conyers and Poodle had $54,000 and $93,000, respectively, in their January 1 capital balances. Net income for the year was $261,000. How much is distributed to Conyers and Poodle

Conyers = $38,580

Poodle = $222,420

Explanation:

Annual salary allowance to Poodle of $146,160.

Interest of 6% on each partner's capital balance on January 1.

Any remaining net income divided to Conyers and Poodle, 1:2.

net income $261,000

distribution of interests:

drawings (annual salary allowance):

remaining income = $261,000 - $146,160 - $3,240 - $5,580 = $106,020

total distributed:

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answer(b) equal; set period;