Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows:
Annual salary allowance to Conyers of $57,000
Interest of 10% on each partner's capital balance on January 1
Any remaining net income divided equally.
Boxer and Conyers had $35,000 and $157,000, respectively, in their January 1 capital balances. Net income for the year was $270,000. How much net income should be distributed to Conyers?