Steve jack and chelsy stevens formed a partnership dividing, Financial Accounting

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Steve jack and chelsy stevens formed a partnership dividing

Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows:

Annual salary allowance to Jack of $58,000.

Interest of 8% on each partner's capital balance on January 1.

Any remaining net income divided equally.

Stevens and Jack had $29,000 and $198,000, respectively, in their January 1 capital balances. Net income for the year was $320,000. How much net income should be distributed to Jack?

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