Fred and Barney started a partnership. During Year $1,$ Fred invested $$14,000$ in the business and Barney invested $$22,500.$ The partnership agreement called for each partner to receive an annual distribution equal to $16\%$ of his capital contribution. Any further earnings were to be retained in the business and divided equally between the partners. The partnership reported net income of $$32,000$ during Year $1.$ How will the $$32,000$ of net income be split between Fred and Barney respectively? $($Hint: Consider both the cash withdrawals and allocation of remaining income.$)$