1. PE.12-01.ALGO 2. PE.12-02.ALGO 3. PE.12-03.ALGO Dividing Partnership Net Income Required: Steve King and Chelsy Bernard formed a partnership, dividing income as follows: 1. Annual salary allowance to Bernard of $93,960. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Bernard, 1:2. King and Bernard had $87,000 and $117,000, respectively, in their January 1 capital balances. Net income for the year was $162,000. How much is distributed to King and Bernard? 4. PE.12-4.ALGO 5. PE.12-05.ALGO 6. PE.12-06.ALGO Note: Compute partnership share. King: $ Bernard: $