Emerson and Dakota formed a partnership dividing income as follows:
Annual salary allowance to Emerson of $39,200
Interest of 8% on each partner's capital balance on January 1
Any remaining net income divided equally.
Emerson and Dakota had $29,000 and $141,200, respectively in their January 1 capital balances. Net income for the year was $229,400.
How much net income should be distributed to Emerson