acg2011-Emerson and Dakota formed a partnership dividing income as follows
January 2nd, 2018
Emerson and Dakota formed a partnership dividing income as follows:Annual salary allowance to Emerson of $44,000Interest of 8% on each partner’s capital balance on January 1Any remaining net income divided equally.Emerson and Dakota had $29,400 and $148,300, respectively in their January 1 capital balances. Net income for the year was $202,000.How much net income should be distributed to Emerson?