Dividing Partnership Net Income Required: Steve Jack and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Jack of $156,240. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Jack and Bernard, 1:2. Jack and Bernard had $72,000 and $81,000, respectively, in their January 1 capital balances. Net income for the year was $279,000. How much is distributed to Jack and Bernard?

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