Dividing partnership net income
Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows:
1. Annual salary allowance to Stevens of $45,000.
2. Interest of 8% on each partner's capital balance on January 1.
3. Any remaining net income divided equally.
Conyers and Stevens had $50,000 and $160,000, respectively, in their January 1 capital balances. Net income for the year was $200,000.
How much net income should be distributed to Stevens?