Emerson and Dakota formed a partnership dividing income as follows:
1. Annual salary allowance to Emerson of $48,000
2. Interest of 8% on each partner's capital balance on January 1
3. Any remaining net income divided equally.
Emerson and Dakota had $25,000 and $140,000 respectively in their January 1 capital balances. Net income for the year was $220,000.
How much net income should be distributed to Emerson?