Henry Carr and Noreen Mason formed a partnership, dividing income as follows:
Annual salary allowance to Carr of $40,000. Interest of 8% on each partner's capital balance on January 1. Any remaining net income divided equally.
Carr and Mason had $60,000 and $140,000 in their January 1 capital balances, respectively. Net income for the year was $440,000. How much net income should be distributed to Carr?