Henry Carr and Noreen Mason formed a partnership, dividing income as follows: annual salary allowance to Carr of $40,000; interest of 8% on each partner's capital balance on January 1; any remaining net income is divided equally. Carr and Mason had $60,000 and $140,000 in their January 1 capital balances, respectively. Net income for the year was $440,000. How much net income should be distributed to Car?
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